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2023 valuation

Protecting the pension promises made to our members

About the 2023 valuation

As trustee, we are required to assess whether USS will have enough money to be able to pay the Retirement Income Builder benefits promised to members and their dependants, now and in the future.

We do this by holding a valuation. The latest valuation will be based on a snapshot of the scheme on 31 March 2023 (but relevant developments after that date will be considered before any final decisions are made).

This involves comparing how much money the scheme has at that date (its assets) with the total estimated cost of paying all the benefits that have been promised to members at that point in time (its liabilities). If we don’t think the scheme will have enough money to pay those benefits, we have to put a plan in place to fix that (known as a Recovery Plan).

We also have to establish the overall contribution rate – described as a percentage of pay – that we will need in future to fund the new benefits promised after the valuation date.

The benefits in question will be paid out over multiple decades, so we have to make a number of assumptions about what might happen in the future.

There are lots of legal requirements and duties when it comes to holding a valuation – including the need to take a prudent approach to assessing how much money we will need. We have to work within a robust legal and regulatory framework, overseen by the Pensions Regulator (who has the power to intervene in several ways if it considers that a valuation does not comply with the law).

Once we’ve established the funding position, and the overall contribution rate required for funding new benefits, the Joint Negotiating Committee will consider if it wants to make any changes to benefits and/or how any change in to the overall contribution rate is split between members and employers.

The valuation process itself will run into 2024 – as set out in our anticipated timetable. The legislative deadline for completing it is 30 June 2024.

We will be providing more information on this page in the sections below as things progress. This will include Q&As, updates, videos, webinars, briefing notes, technical papers, consultation materials, correspondence, and the formal valuation documents.

  • Questions and answers

    Covering common themes

  • Briefings, reports and valuation documents

    Formal valuation papers

The 2023 valuation timetable

An outline of the timetable for completing the 2023 valuation on an accelerated basis, with the aim of implementing any changes decided by the Joint Negotiating Committee (JNC) with effect from 1 April 2024.

*We might have to allow for employers holding a 60-day consultation with members and affected employees, depending on the JNC’s decision

Questions and answers

Briefings, reports and valuation documents 


The 2020 valuation
View an archive of materials relating to the 2020 valuation.