2017 valuation updates

 

Proposed changes to future USS benefits
 

23 January 2018

Employer (Universities UK) and member (University and College Union) representatives on our Joint Negotiating Committee (JNC) have, for several months, been discussing potential changes to the scheme’s future benefit structure in response to the latest triennial valuation.

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Update on the 2017 valuation funding review
 

21 December 2017

For the 2017 valuation funding review, USS is expected to demonstrate to the Pensions Regulator no later than 30 June 2018 that the scheme is sustainable.

The USS trustee needs to conduct the valuation with regard to that legal deadline.

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UUK responds to USS's consultation on funding proposals
 

14 November 2017

We’ve recently consulted with Universities UK to understand the views of the employers on the assumptions and risk underlying our funding proposals.

USS, as trustee, outlined the maximum level of risk we could contemplate taking in funding the scheme on a prudent basis (a statutory requirement).

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Update for retired and deferred members
 

2 October 2017

You may have seen recent coverage in the national media relating to USS, its funding position and the current triennial valuation.

Firstly, please be assured that USS does not have a £17.5 billion funding deficit.

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Consultation with Universities UK (UUK) commences
 

1 September 2017

The USS trustee started its consultation today on its proposed assumptions for the 2017 valuation with Universities UK (UUK). The trustee reviews all assumptions every three years to place a value on the pensions promised to date and to assess what payroll contributions are required in future to fund the pensions currently offered.

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