"Challenging economic circumstances have resulted in USS having a large deficit and the cost of funding future pensions has risen to an unaffordable level. The Pensions Regulator's view makes it clear that USS pension costs and risk have to be controlled.
"Universities can't afford to pay more into pensions without diverting money from teaching and research, which will damage the high standards students rightly expect. We recognise the prospect of pension scheme benefit reform will concern employees, but failure to act now risks harming our world class higher education system. We are working with UCU to develop proposals to protect the future of USS while ensuring the scheme continues to offer attractive benefits to current and future employees."
Notes to editors