Latest News July 2018
USS have published several recent updates to members on important developments in the valuation process. This includes details of the 'cost sharing process' which is running in parallel with the Joint Expert Panel. The latest update explains how the cost sharing process, if implemented, would affect members including higher contribution rates.
The Joint Expert Panel (JEP) has now been set-up and fully constituted with nominated members from both UCU and UUK and a Chair. Full details of the JEP, including its membership and chair, terms of reference and reports from meetings to date can be found on the dedicated JEB website.
A brief summary of events so far in the valuation process can be found here.
27 April Announcement
On Friday 27 April, representatives of UUK and UCU sitting on USS’s Joint Negotiating Committee (JNC) agreed to revoke the benefit proposals it recommended to the trustee in January. It was agreed that a Joint Expert Panel (JEP) be set up to review the valuation, with a view to determining a way forward for USS that can be implemented on or close to 1 April 2019.
A new Q&A document for USS members has been published covering the latest development with USS, the Joint Expert panel and the valuation timetable.
Every three years the USS undertakes a 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.