Universities Superannuation Scheme (USS) Pension Reform
Universities UK represents higher education employers in discussions over the future of the USS scheme, which is a valued part of the remuneration package in higher education.
On behalf of over 350 USS employers, UUK has been negotiating with the University and College Union (UCU) over changing the scheme since January 2017 given the funding challenges it faces.
On 23 March 2018, Universities UK and UCU announced that they wanted to establish a Joint Expert Panel to review the USS valuation, processes and assumptions and to agree key principles to underpin the future joint approach to the valuation of the USS fund. The establishment of the Joint Expert Panel has received support from USS employers and UCU members.
In May 2018, the terms of the reference for the panel and the appointment of its chair, Joanne Segars, were announced. UCU and UUK have each nominated three representatives to be panel members.
On 25 July, USS announced plans
to increase contributions from scheme members and employers, as part of the
cost sharing process set out in the scheme rules. The proposed changes
are subject to consultation.
Updates on the work of the Joint Expert Panel will be published following panel meetings:
For any queries relating to the valuation – including how the deficit is calculated – please contact USS directly.
Latest information for employees and students – 25 April 2018
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Information for students on the USS pension scheme, and the impact of last term's industrial action.
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Further resources
Given recent developments some of the details in the information provided below may not reflect the latest position; please also see
press releases for the latest developments.
Universities UK’s work on USS is overseen by the Employers’ Pensions Forum. More information on the Employers’ Pensions Forum can be found on its
website.
