We’ve now published our response to the Universities UK (UUK) employer consultation on options to address the Universities Superannuation Scheme (USS) funding. Our response, which you can find here, was approved by the University Council on Wednesday 26 May.
UUK, which represents UK universities, launched a consultation with participating employers of USS in April 2021, seeking their views on ways of creating a valuable, affordable, inclusive and sustainable scheme for staff in the long term.
It follows the publication by USS of the 2020 valuation which stated pension contributions will need to rise sharply if existing benefits are to be maintained.
We expect that UUK will now review the responses of employers to its consultation to see if there is broad support for the solution which it has outlined.
If there is employer support, we expect that engagement will take place with the USS trustee to confirm the costs of the outlined benefits (alongside other issues, notably covenant support) before UUK is then able to take forward a proposal into negotiations at the Joint Negotiating Committee (JNC) with University and College Union (UCU). Once a decision is made by the JNC, there will be a formal consultation of all members and eligible members of USS.
You can find further information below:
USS FAQs and information on covenant
USSEmployers site: UUK consultation with employers
