2020 valuation timeline


Although the timetable outlined below is likely to evolve as we move through the process, the valuation as a whole must be completed by the legal of deadline of 30 June 2021.

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December 2019 - February 2020:

We will start to engage with UUK, UCU and tPR on methodology

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February 2020:

We will identify a proposed approach to methodology for wider discussion

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March 2020:

We will publish a formal discussion document to seek employers’ views on our proposed approach and their ability and willingness to back the potential costs of the pensions being promised – keeping the JNC and other key stakeholders informed throughout

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May 2020:

Informed by discussions to this point, the Trustee Board will agree the financial and demographic assumptions and methodology it proposes to formally consult on for the valuation

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July 2020:

We will consult UUK over four to six weeks on these proposals to finalise our view of the scheme’s funding position and identify the overall contribution rate we need; we will support UUK in its engagement with employers as required, and will also engage with the JNC, UCU, members and tPR

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Mid-August 2020:

We will inform the JNC of the overall contribution rate needed

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November 2020:

This is when the JNC needs to have decided how to address the contribution rate

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December 2020 - February 2021

If the JNC decides to make any changes, or cannot reach a decision, this is when employers might need to prepare for a consultation with affected employees

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30 June 2021:

This is the statutory deadline for filing the valuation with tPR

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October 2021:

This is when contributions are scheduled to increase under the 2018 valuation

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Last updated: about 3 months ago