In November, Universities Superannuation Scheme (USS) called a new valuation at 31 March 2018 in which it will consider the Joint Expert Panel (JEP) recommendations.
As part of the valuation process, USS asked Universities UK (UUK), the body which represents USS employers, to give their views on a range of potential contributions for existing benefits.
The University submitted their response on 13 March which you can view here.
If you are interested in finding out more about the 2018 valuation and recent developments related to the pension scheme, USS are running a webinar today, Friday 22 March from 14:30 to 15:30. You can register here.
Also, following the positive feedback from previous sessions, we’ve invited pensions expert, Brendan Mulkern back to the University in April and May to provide a full update on USS developments. You can book your place by following the below links:
| Date | Time | How to book |
| Monday 29 April | 13:30 to 15:00 | Register here |
| Thursday 2 May | 09:00 to 10:30 | Register here |
Remind me what’s been happening:
- In the 2017 valuation, USS found that the cost of providing benefits had risen.
- In 2018, UUK and UCU set up a Joint Expert Panel (JEP) to review the results of the 2017 USS valuation
- The Joint Negotiating Committee (JNC), which decides which contributions members and employers need to pay, could not decide on a way forward.
- In the absence of a decision, the default cost sharing provisions came into force and members will now have received notification of the increases in contributions which start this April 2019.
- USS then called for a new valuation as at 31 March 2018 which could potentially change the requirement for the second and third cost sharing contribution increases.
Further information:
Previous SUSSED posts on pensions
A discussion on the future of USS – USS website
