Universities UK (UUK) has now published the headline results of the Universities Superannuation Scheme (USS) 2020 employer’s consultation.
With a 95% response rate from employers with an active membership, the consultation revealed strong support from employers for the solution UUK proposed. Key elements included:
- Retaining a hybrid Defined Benefit/ Defined Contribution scheme, with a threshold at £40k, 1/85th accrual rate and CPI indexation capped at 2.5%
- Stronger covenant support measures from employers
- No increase in member or employer contributions
You can read our response here
The USS trustee has formally considered the alternative solution recommended by UUK and discussions between USS, UUK, UCU, and representing members will now continue at the Joint Negotiating Committee over the coming weeks.
Following these discussions we anticipate a further consultation with employers and a formal consultation process for members and eligible members.
Pensions expert Brendan Mulkern will be running two pension briefings on 24 and 25 June, covering our response, the consultation and what the expected next steps are.
You can find further information below:
USSEmployers site: statement on the consultation outcome
USS FAQs and information on covenant
USSEmployers site: UUK consultation with employers
