If you’re a member/eligible member of the Universities Superannuation Scheme (USS) and you missed Monday’s presentation, there’s another chance to hear pensions expert, Brendan Mulkern on Thursday 2 May. You can register here.
What will I learn at the presentation?
Contribution rates to your pension are changing, and talks continue regarding the response to the very latest assessment of the financial position of the scheme. These presentations are the latest in a series of pensions communications by the University.
In the session, the presenter will set out the implications of the decisions already taken. He will explain the latest developments and illustrate what the potential outcomes mean for staff.
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
