Allegations raised by a member of the USS Trustee Board

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On 21 May 2019, the Financial Times published allegations raised by a member of the USS Trustee Board in relation to the scheme’s 2017 valuation.

We want to make sure our position on these matters is clear.

As a responsible steward of one of the UK’s largest private pension schemes, the Trustee always strives for the highest standards of integrity and governance.

We have to ensure that the benefits promised to our members can be paid as they fall due. We are held to account to this end not just by our members and sponsors but also by our regulators, auditors and the law.

This should give members and employers every confidence that balanced, considered decisions are being made in their interests.

As one would expect, we have taken Professor Jane Hutton’s concerns very seriously, have sought to address them in accordance with best practice, and have expended very significant resources in responding to her questions.

Extensive information, analysis and third-party assurance have been provided over several years as we have worked with Professor Hutton to respond to her requests.

No material changes were made to our valuation outcome as a result of any of these activities, nor have any material issues been raised by any of the expert advisers engaged by the Trustee in relation to the 2017 valuation.

Professor Sir David Eastwood
Chair, USS Trustee Board

Bill Galvin

Article Date: 22 May 2019