USS Valuation 2017

Background

The USS is currently undergoing its triennial valuation. The purpose of the valuation is:

  • To establish whether the assets held by the scheme are sufficient to cover the benefits promised to members.
  • To determine the level of contributions required from employers and members to meet future benefits and clear any past service deficit.

The actual valuation date was 31 March 2017, but there has and will continue to be a lot of activity following this date, including a consultation period with the sector on the future shape of the scheme.

The University has set up a working group to monitor and input into the valuation. The working group comprises UCU representatives and colleagues who have an interest and understanding of the issues, to help ensure that the interests of both members and the University are taken into account.

USS: A Guide to the 2017 Valuation

Latest News - UUK has proposed changes to the scheme

Further information on the proposed changes

UUK Press Statement

UUK Questions and answers for members

The University will be running a series of member presentations so that you can find out more and ask any questions.  There is no need to book in advance, simply turn up to the session that is most convenient to you.

Date Time Venue
Tuesday 5 December 1-2pm LT4, Hicks Building
Wednesday 13 December 1-2pm LT01 Arts Tower
Monday 18 December 3-4pm LT07 Arts Tower
Tuesday 19 December 3.30-4.30pm LT8 Diamond

Employer Consultations

To date, USS have sought the views of collective employers on the technical provisions (the method of the valuation itself) via two consultations with Universities UK (UUK), who represent the scheme's sponsoring employers.  The University's working group met and provided a view to UEB and the Vice-Chancellor to help inform the University's response.  Details of the University's responses made so far can be found below:

September 2017 - Consultation on the "technical provisions"

UOS Response on the technical provisions consultation document

UOS Working group output and recommendations to the technical provisions consultation

USS Technical provisions consultation document

February to March 2017:

USS Valuation Technical Document - Methodology and Inputs

USS Valuation Working Group - Output and Recommendations on the Valuation Methodology 

UOS Formal Response to the Valuation Technical Document