Statement on the Joint Expert Panel's report

We thank the panel for its work. A review of a complex process in a short period of time was always going to be a challenging task.

There may well be areas where our opinion and understanding differs from that of the panel but we will want to reflect on the report in due course. The views of stakeholders will also be required before we can derive any conclusions.

Ultimately, its proposed solutions reflect the panel’s terms of reference, but would require employers to take on higher levels of risk – and to pay higher contributions – than has been expressed to us to date, through the valuation process.

We stand ready to engage constructively with UCU and UUK over the coming weeks as they consider their respective positions, in the hope of finding common ground that could lead to a way forward.

We have repeatedly expressed the view that the JEP report could provide the basis for UCU and UUK to agree a way forward that could be introduced before the significantly higher phases of cost sharing increases come into effect, and we sincerely hope that comes to pass.

Unless and until an alternative has been agreed, consulted upon, and implemented, cost sharing remains the default process for addressing the regulatory and legal obligations of the 2017 valuation.

Published date: 13 September 2018