Question asked by Pina, Professional services
The negotiations are carried out by the Joint Negotiating Committee (JNC), which is made up of representatives of Universities UK (UUK) on behalf of employers and Universities College Union (UCU) which represents members. Along with an independent chair, they discuss and set the level of future pension benefits - if we find that USS needs to change contributions, the JNC decides how these should be shared between employers and members, or whether there should be a change to future benefits. If the UCU and UUK representatives cannot come to an agreement the chair can exercise their casting vote.
Our role is to make sure the benefits you’ve been promised can be paid. To do this we carry out valuations which are required by law at least every three years. These valuations calculate our funding position – they act like a financial health check for the scheme. We share this information with the JNC, which decides what should happen next. Find out more about the part we play in your pension.