What is a valuation?
A valuation looks at the short and long-term financial condition of USS.
It shows us how much money we have and how much we’ll need so we can pay the benefits that have been promised to our members.
It also shows us the level of contributions that need to be paid to fund benefits in the future, or whether benefits might need to change in order to keep the contributions from members and employers at the current level.
We usually carry out a full valuation every three years, but we can do it sooner if we need to respond to changing circumstances. And in other years, we carry out a smaller assessment (called an interim assessment).
Our scheme actuary helps us complete the valuation, and then reports to the board. After that, we give the valuation report to The Pensions Regulator.
The next full actuarial valuation will be held as at 31 March 2023.
Our latest valuation reports
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Actuarial valuation (interim assessment) - March 2022 pdf (252kb)
Our previous valuation reports
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Actuarial valuation (interim assessment) - March 2021 pdf (212kb)
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Actuarial valuation - March 2020 pdf (681kb)
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Actuarial valuation (interim assessment) - March 2019 pdf (45kb)
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Actuarial valuation - March 2018 pdf (1.07mb)
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Actuarial valuation - March 2017 pdf (1.77mb)
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Actuarial valuation interim assessment - March 2016 pdf (830kb)
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Actuarial valuation interim assessment - March 2015 pdf (289kb)
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Actuarial valuation - March 2014 pdf (258kb)
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Actuarial valuation interim assessment - March 2013 pdf (244kb)
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Actuarial valuation - March 2011 pdf (818kb)
Financial Management Plan
Our Financial Management Plan (FMP) reports monitor the key financial measures that influence the scheme’s funding position. They track changes in market conditions and outlooks between valuations and provide a high-level snapshot of progress (or otherwise) against our funding assumptions.
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Monitoring of the FMP - September 2023 pdf (370kb)
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Monitoring of the FMP - June 2023 pdf (470kb)
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Monitoring of the FMP - March 2023 pdf (3.34mb)
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Monitoring of the FMP - December 2022 pdf (536kb)
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Monitoring of the FMP - September 2022 pdf (544kb)
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Monitoring of the FMP - June 2022 pdf (468kb)
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Monitoring of the FMP - March 2022 pdf (417kb)
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Interim monitoring of the FMP - February 2022 pdf (364kb)
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Interim monitoring of the FMP - Sept 2021 to Jan 2022 pdf (377kb)
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FMP monitoring note - December 2021 pdf (99kb)
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The Monitoring & Action Framework for the 2018 valuation pdf (312kb)
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Monitoring Dashboard - 31 August 2021 pdf (198kb)
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Monitoring Dashboard - 31 July 2021 pdf (196kb)
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Monitoring Dashboard - 30 June 2021 pdf (197kb)
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Monitoring Dashboard - 31 May 2021 pdf (196kb)
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Monitoring Dashboard - 30 April 2021 pdf (198kb)
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Monitoring Dashboard - 31 March 2021 pdf (199kb)
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Monitoring Dashboard - 28 February 2021 pdf (214kb)
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Monitoring Dashboard - 31 January 2021 pdf (210kb)
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Monitoring Dashboard - 31 December 2020 pdf (214kb)
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Monitoring Dashboard - 30 November 2020 pdf (216kb)
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Monitoring Dashboard - 31 October 2020 pdf (213kb)
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Monitoring Dashboard - 30 September 2020 pdf (214kb)
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Monitoring Dashboard - 31 August 2020 pdf (160kb)
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Monitoring Dashboard - 31 July 2020 pdf (161kb)
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Monitoring Dashboard - 30 June 2020 pdf (160kb)
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Monitoring Dashboard - 31 May 2020 pdf (207kb)
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Monitoring Dashboard - 30 April 2020 pdf (158kb)