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For employers: For investment documents relating to the SIP consultation visit our investment documents page.

2020 valuation

Consulting with UUK

As part of the 2020 valuation, we’ll start a formal consultation with Universities UK (UUK) next week.

It’s called the Technical Provisions consultation, and it will set out some proposals based on our work on the valuation methodology so far, including:

  • Assets – the value of the investments held by the scheme on the valuation date, 31 March 2020.
  • Liabilities – the amount we need in order to pay the benefits already built up by members up to the valuation date.
  • Demographic and financial assumptions – like the length of time members contribute to the scheme and how long retirement typically lasts, and expected rates of inflation and future investment returns.
  • The cost of building up future benefits – the combined contributions that members and employers need to pay in order to cover the cost of building up further benefits from 31 March 2020.

UUK will discuss all these points and more with employers. Then, they’ll comment on where we are so far, and their response will help us understand more about what financial support employers are able and willing to commit to USS in the future.

All the feedback we get from UUK will help us move towards finalised figures in the autumn. Then, we’ll share the figures with the scheme’s stakeholders via the Joint Negotiating Committee (JNC), who’ll decide what action to take.

As trustee of the scheme, it's our job to make sure the pension promises made to our members by their employers are kept. We do not decide what benefits are promised, or how the contributions required to fund them are split. These decisions are made by the JNC.

The JNC is made up of member representatives from the University and College Union (UCU) and employer representatives from Universities UK (UUK), and it has an independent chair.

Whatever the JNC decides, we’ll be ready to support and implement their decisions, and will keep you informed with regular valuation updates on our website.

Frequently asked questions

Key stakeholders

UUK

Universities UK (UUK) represents the employers that fund USS. It also appoints members to the Joint Negotiating Committee (JNC).

UCU

University and College Union (UCU) represents over 120,000 academics, lecturers, trainers, instructors, researchers, managers, administrators, computer staff, librarians and postgraduates in universities, colleges, prisons, adult education and training organisations across the UK. It also appoints members of the JNC to represent USS members.

TPR

The Pensions Regulator (TPR) protects the UK’s workplace pensions, by making sure employers, trustees, pension specialists and business advisers can fulfil their duties to scheme members.

JNC

The Joint Negotiating Committee (JNC) is part of the governance of USS. A key part of its role is to decide how contributions are shared between members and employers and whether there will be any changes to future benefits.


Published: 1 September 2020