Pensions

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 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, which started on 3 September.

On 13 September, the Joint Expert Panel published its report on USS 2017 valuation, processes and assumptions.

Universities UK has set up a new website to support employers in their communications with staff on the 2017 USS valuation: www.ussemployers.org.uk

Updates on the work of the Joint Expert Panel will be published following panel meetings:

• Note of Joint Expert Panel: first meeting – 31 May 2018
  
• Note of Joint Expert Panel: second and third meeting – 6/7 June 2018
  
• Note of Joint Expert Panel: fourth meeting – 22 June 2018
• Note of Joint Expert Panel: fifth meeting – 28 June 2018
  
• Note of Joint Expert Panel: sixth meeting – 9 July 2018
  
• Note of Joint Expert Panel: seventh meeting – 23 July 2018
• Note of Joint Expert Panel: eighth meeting – 6 August 2018
• Note of Joint Expert Panel: ninth and tenth meeting – 29 August and 3 September 2018
  

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

​   ​​	USS Valuation – FAQs for USS members (April 2018)​ Answers to frequently asked questions by USS scheme members, including information on the recent Acas talks, and the Joint Expert Panel (JEP). ​ ​
​​	Q&A for students: industrial action   Information for students on the USS pension scheme, and the impact of last term's industrial action.

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.​

• USS valuation Q&A – February 2018​

• 5 Fact​s: USS pensions

• Modelling of UUK’s proposed USS benefit changes​

• Universitie​s UK proposal to the Joint Negotiating Committee for future benefit reform

• Proposal to reform USS pensions: statement for members​​

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.

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