Valuation update

For action

Cost sharing consultation

In November we outlined the next steps, following the closure of the cost sharing consultation.

Following consideration by the trustee board, and stakeholders at the Joint Negotiating Committee, we have now published a summary of the analysis of the 2017 consultation responses, online.

The current employer consultation website will be closed shortly. Please make sure that you have downloaded your employees’ responses to the consultation by 21 December 2018.

Following the cost sharing consultation changes to USS will be implemented from 1 April 2019. You can read more about this in the article ‘Implementing cost sharing’ .

2018 valuation

During the 2017 valuation, alternative proposals were put forward by the Joint Expert Panel (JEP) which would require employers to take on more risk, and both employers and members to pay higher contributions, than had previously been expressed to USS. Responses to UUK’s recent consultation indicated that employers are willing to support the proposals, subject to USS providing more information about the additional financial risks involved. For USS to do this in line with the laws governing pension schemes, requires a new valuation.