2018 Valuation update: 4 April 2019

The Board of the USS Trustee met on Thursday 28 March to consider UUK’s response to the proposed Technical Provisions assumptions for the 2018 valuation and the associated contingency contribution proposal.

It was not immediately clear to the board that UUK’s proposals are fully aligned with its principles for contingent support, and it believes that more work is required to understand the issues that this might present.

In addition, the trustee needs to engage further with the Pensions Regulator, who has separately requested additional work assessing the employer covenant and employers’ ability to support scheme risk, in particular given developments since the 2017 valuation.

Further analysis is therefore required before full consideration can be given to these complex issues. This work is being given full priority, and the Board will now reconvene at the end of April.

The employer (UUK) and member (UCU) representatives on the Joint Negotiating Committee were given a briefing on these developments at a meeting on Wednesday.

Published date: 4 April 2019