Universities UK

60-day consultation set to begin as USS trustee chair says price of certainty more expensive

While the proposal received majority backing, this was without UCU support

A settlement for the Sanofi Pension Scheme and a warning on HMRC tax proposals

Employers representing 95% of USS membership responded to the UUK consultation

Universities UK (UUK) has opened a formal consultation with employers in the Universities Superannuation Scheme (USS) seeking views on how to tackle the scheme’s funding situation.

The Universities Superannuation Scheme (USS) has refused a request by UK university employers to review the assumptions for its 2020 valuation which calculated a funding shortfall of almost £18bn.

Universities Superannuation Scheme (USS) has reported a technical provisions deficit of between £14.9bn and £17.9bn as of 31 March 2020, and delayed its valuation as it considers how to proceed.

The Universities Superannuation Scheme (USS) trustee board has warned investment returns will be lower in the future than expected as it edges closer to concluding its 2020 valuation.

The Universities Superannuation Scheme (USS) has launched a consultation on its 2020 valuation and ‘technical provisions’ laying out options to reduce its expanding deficit.

Universities Superannuation Scheme (USS) will continue its discussions over whether a pre-and post-retirement dual discount rate approach could help plug serious funding concerns for its defined benefit (DB) section.