As the trustee of USS, we must regularly carry out a valuation of the scheme's funding. A valuation establishes whether, at a certain date, we believe the scheme will have enough money for us to be able to pay the pensions that our members are expecting, now and long into the future.
If the valuation shows that the scheme might not have enough money, for example because the investments your contributions fund have become more expensive, we must put a plan in place to improve its funding. By law, we need to take a prudent approach to assessing how much money we will need - and this is reflected in our conclusions.
Our valuation for 2020 was based on a 'snapshot' of the scheme on 31 March 2020. However, the process itself continued to October 2021. We have now submitted the valuation to the Pensions Regulator.
For answers to your questions, the latest news on the valuation and what it means for you, see the Updates section below. See also our articles for members and latest news.