USS Valuation 2017
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 will 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.
The latest part of the consultation process relates to the "technical provisions". USS is seeking the views of the collective employers via their representative Universities UK (UUK). UUK in turn is seeking responses to the valuation process from each individual employer by the end of September. The USS consultation document is attached below for reference.
It is important to note that the consultation USS is holding on the proposed technical provisions for the 2017 valuation is with Universities UK (UUK), which represents the scheme’s sponsoring employers. More than 350 employers have been sent the consultation document by UUK so they can consider it and inform the final response to USS. Individual members are not party to this element of the valuation process and are not invited to submit a formal response. USS has stated that it is committed to supporting members through the valuation process and will provide more detail on the technical provisions once the consultation with UUK has been completed.
The University of Sheffield will be submitting a response to the consultation process. As before, our approach is for the working group to meet and provide a view to UEB and the Vice-Chancellor to help inform the University's response. As before we will be publishing on these pages the detail of our response.
Further information on the valuation, the timeline and the University's input to date can be found below.