The following update focuses on two parallel, but entirely separate developments, regarding the Universities Superannuation Scheme (USS): the Joint Expert Panel and the Cost-Sharing Consultation.
Joint Expert Panel
The Joint Expert Panel (JEP) has published its first report. The JEP is an independent group set up to look at the 2017 valuation and provide more clarity about the funding of the scheme. The Panel has now undertaken a retrospective review of the 2017 valuation, including an assessment of the methodology, assumptions and processes underpinning the valuation. In its report the Panel has gone on to explore the scope for possible adjustments to various elements of the valuation which the Panel believes would allow the valuation be concluded. The report can be found on the Joint Expert Panel website.
Cost-Sharing
USS announced in early May that it would follow the cost-sharing process in order to complete the latest valuation of the scheme, and that this requires a statutory employer-led consultation which started on 3 September and will end on 2 November.
All members and eligible members have now received their consultation packs and have until 2 November to comment on the consultation. The University has invited Pensions Expert, Brendan Mulkern to explain the consultation in more detail. You can join one of these presentations by registering using the below links.
| Date | Time | Location | Link to book |
| 28 September | 10:00 – 11:00 | SGH LT/2 | Click here |
| 28 September | 12:30 – 13:30 | Highfield 32/1015 | Click here |
| 5 October | 10:00 – 11:00 | WSA 63/2095 | Click here |
You may find the following links helpful:
USS Cost sharing consultation opens
University Pensions SharePoint site
