Published 19 July 2023
USS has today launched a consultation with Universities UK (UUK) on the trustee’s proposed funding assumptions and methodology for the scheme’s 2023 actuarial valuation and on the Statement of Funding Principles. Read the full statement.. The valuation process itself will run into 2024 as set out in the valuation timeline previously published.
Published 15 March 2023
Universities UK (UUK) and University and College Union (UCU) have issued a joint statement on UUK and UCU collaboration toward USS benefit restoration. Read full statement.
They reiterate a shared agreement to a scheme governance review. Negotiations continue to be constructive.
Published 17 February 2023
The latest information provided by the USS Trustee suggests that the forthcoming 2023 valuation is likely to reveal a high probability of being able to improve benefits and reduce contributions. Should this be confirmed, this would allow for a return to a comparable level of future benefits as existed before the April 2022 changes, as well as achieve a reduction in costs for members and employers. Read full statement from Universities UK and UCU.
A spokesperson for Universities UK, on behalf of USS employers said: "We are disappointed to see these new plans for strike action from the UCU. Students can be confident that universities’ top priority will be to protect their learning and ensure they can continue with their education. Industrial action already faced in recent years means universities are well prepared to manage pockets of disruption and will work hard to put in place a series of measures to ensure students do not miss out on the opportunity to learn.
“At the same time, we will continue to work towards an agreement, as far as it is possible to do so, in the interests of all our staff. We share the goal of a secure, valuable, and affordable retirement income for university staff – it is only through their work that universities are able to carry out their world-leading teaching and research. We continue to meet regularly with union and USS representatives and are already working with UCU ahead of the next valuation which is due to start in March.
“Only around one in ten of those in the USS pension scheme voted to take strike action and it is important to remember that USS pensions remain among the most generous in the private sector. Employer payments have risen to 21.6% of salary, which is far higher than most other schemes. It is also important to remember the significant financial pressures facing universities, something likely to worsen with high inflation and a fee freeze which has been in place since 2017.