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Our valuations

How the actuarial valuation works and previous valuation reports

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

Our previous valuation reports

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.