A guide to the formal review of USS’s funding position in 2017

Members interested in scheme funding matters and the formal valuation taking place this year can find out more here. We’ll send important updates via the regular member newsletter, via your employer.

Every three years, USS carries out a valuation – a detailed analysis of the factors that influence the scheme’s funding position.

Its purpose is to establish, at a particular point in time – in this case, 31 March 2017 – whether the trustee can reasonably expect to have enough money to pay the benefits that all members have already built up in the scheme, and how much is needed to continue to provide the current level of benefits in future for members still actively paying in.

As well as being a specific legal requirement, the valuation gives the trustee, employers (UUK) and University and College Union representatives (UCU) the opportunity to formally take stock and, through the Joint Negotiating Committee, consider whether the findings mean any adjustments need to be made to future contribution rates, to future benefits – or both.

The process is extremely thorough, and we’re committed to keeping members informed throughout – so we’ll be providing background information and regular updates here as the 2017 valuation progresses.

Below you will find some videos and PDFs to the right which you may find useful. You can also find out more information in our questions and answers section.

Latest video

What is a pension deficit?

The valuation - what happens when?

What is a valuation?

Is my USS pension safe?