Showing results for: "Valuation"
You may have seen the recent media coverage concerning shareholder funding for Thames Water. This followed regulatory announcements made by Thames Water and Kemble on Thursday 28 March 2024. I want to reassure that this will have no significant or material impact on USS's funding position or the security of our members’ promised pensions.
USS has published a note from Bill Galvin, Group Chief Executive, updating sponsoring employers on the scheme’s latest Financial Management Plan monitoring report – which gives an indication of the funding position at the end of December 2022.
On Thursday 19 May 2022, Professor Hutton withdrew her Employment Tribunal claim against USS. This was Professor Hutton’s unilateral decision – there is no settlement agreement. The trustee has decided not to pursue Professor Hutton for its costs.
The latest interim monitoring report provides some positive indicators of the current funding status and contribution requirements of the scheme, as a result of the changes to benefit structure agreed by the Joint Negotiating Committee (JNC), and recent market developments.
Everyone at USS is motivated by a clear duty to keep members’ valuable pensions funded, so that members – and employers – can save for the future with confidence. We understand the concerns of USS members, faced with proposals connected with the 2020 actuarial valuation for higher contributions or benefits that will build up more slowly in the future.
The contributions members and employers pay into USS, and the way future retirement benefits are built up, are both set to change.
After six months of extended negotiations, USS’s Joint Negotiating Committee (JNC) has now determined how the funding challenges facing the scheme should be addressed. This comes almost two years after we first committed to holding a 2020 valuation.
The Trustee of USS, the UK’s largest private pension fund, has today published an update report that explains the funding challenges facing the scheme.
USS has issued a statement in relation to UUK’s response to a consultation on the proposed Technical Provisions for the 2020 valuation.
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