The valuation and the JEP

In April 2018, the Joint Negotiating Committee (JNC), made up of UUK and UCU representatives and an independent Chair, withdrew its proposed changes to the future benefit structure of USS and no alternatives were tabled.

Instead, UCU and UUK set up a Joint Expert Panel (JEP) to review the 2017 valuation and, in the absence of a decision by the JNC, the default cost sharing rule was invoked.

Here we look at what has happened following this, the next steps to completing the 2017 valuation and the JEP process that runs parallel to, but separate from, the valuation.

Date Completing the 2017 valuation The JEP process
July 2018 USS outlined the cost sharing proposals following JNC discussions The JEP meetings took place from May to September – USS engaged constructively
September 2018 A 60-day employer consultation with affected employees and their representatives on the cost sharing proposals began The JEP reports back to UCU and UUK
October 2018 The employer consultation continues UUK and UCU are expected to discuss the JEP report and consider any recommendations they may wish to make via the JNC
November 2018 The employer consultation ends and responses from affected employees and their representative bodies are considered by the employers and the trustee
December 2018 USS consults with employers on the final cost sharing proposals, based on the consultation outcome The JNC may decide on any future changes to benefits and/or contributions - depending on the complexity, implementing scheme changes can take up to 12 months from the point of a JNC decision
January 2019 USS finalises the cost sharing provisions (and any other related decisions) based on the consultation outcome  
February 2019 The 2017 valuation is expected to be completed  
April 2019 The cost sharing provisions (subject to any amendments from the consultation) are proposed to take effect from 1 April 2019  

The cost sharing proposals are subject to consultation by USS employers with affected employees and their representatives. These dates and the proposed changes are therefore subject to change, depending on the outcome of the consultation.

For a glossary of our terms please see more information on our important terms page.

Published date: 4 September 2018