The USS Staff Working Group was established in May 2021 to discuss matters relating to the USS pension scheme, the ongoing USS valuation and inform Imperial's position. The group has representation from across Imperial, including a representative from UCU. Members were invited based on previous expertise or experience with pension schemes or due to engagement on pensions issues.

The group will meet regularly throughout the 2023 valuation cycle to:

  • Seek input and feed into consultations the views of their peers to help form Imperial responses
  • Review Imperial's responses to surveys and consultations and to advise and support development of Imperial approach to the USS valuation
  • Debating and contributing to support the development of options arising from the valuation process
  • Advising on the approach to communication through the valuation process
  • Providing an interface with other relevant areas and networks

The group is chaired by Professor Richard Craster, Dean of the Faculty of Natural Sciences. As the group meets, updates on their meetings will be posted on this page.

Group membership

Professor Richard Craster

Portrait of Professor Richard Craster

Professor Richard Craster
Dean of the Faculty of Natural Sciences, Chair of USS Staff Working Group

Professor Alessandro Astolfi

Portrait of Professor Alessandro Alstolfi

Professor Alessandro Astolfi
College Consul for Faculty of Engineering & Business School

Professor Axel Gandy

Portrait of Professor Axel Gandy

Professor Axel Gandy
Chair in Statistics, Department of Mathematics

Dr Emma Watson

Portrait of Dr Emma Watson

Dr Emma Watson
Department Manager, Department of Brain Sciences

James Andrewes

Portrait of James Andrewes

James Andrewes
Education Office Manager, Department of Life Sciences

Dr Charlotte Kestner

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Dr Charlotte Kestner
Principal Teaching Fellow, Department of Mathematics

Professor James Sefton

Portrait of Professor James Sefton

Professor James Sefton
Chair in Economics, Imperial College Business School

Paul Brown

Portrait of Paul Brown

Paul Brown
Mechanical Instrumentation Workshop Manager, Department of Physics

Dr Prashant Srivastav

Portrait of Dr Prashant Srivastav

Dr Prashant Srivastav
Lecturer, National Heart and Lung Institute

Dr Sina Stapelfeldt

Portrait of Dr Sina Stapelfeldt

Dr Sina Stapelfeldt
Lecturer, Department of Mechanical Engineering

Dr Thomas Ouldridge

Portrait of Dr Thomas Ouldridge

Dr Thomas Ouldridge
Senior Lecturer, Department of Bioengineering

Daniel Mitelpunkt

Daniel Mitelpunkt
Head of Digital Lab, Academic Services

Support to Chair and Working Group

  • Audrey Fraser – Deputy HR Director (Strategic Partnering and Reward)
  • Carey Southward – Head of Pensions and Benefits
  • Elizabeth Nixon – Head of Internal Communications
  • Olivia Anderson – Reward and Policy Adviser

Total Remuneration Working Group

The USS Staff Working Group provides feedback and advice to the broader Total Remuneration Working Group, which discusses matters relating to Imperial's Total Remuneration Package. The group is led by the Provost, Professor Ian Walmsley.

Meeting Notes

Meeting one

Wednesday 29 March 2023

At the group's initial meeting, the members examined the 2023 USS valuation timeline and deliberated on the potential outcomes, offering what they hoped for. Additionally, the increase in contributions and benefits was discussed, considering the possibility of conditional indexation and understanding how such an approach would compare to the current workings of the scheme.

Meeting two

Friday 02 June 2023

The group met to discuss the potential implementation of Conditional Indexation within the framework of the USS scheme. The discussion explored both the benefits and drawbacks associated with Conditional Indexation. To conclude, the group members agreed that they were in support of UUK and USS, completing the further exploration of conditional indexation modelling that would incorporate regular assessments while ensuring the associated costs remain reasonable. The group also emphasised the importance of developing a transparent and easily understandable model that could effectively rebuild trust among all stakeholders involved.

Meeting three

Friday 1 September 2023

The group met and discussed the USS 2023 Valuation. The initial results show the scheme in surplus due to interest rates having risen over the past few years (this was in a deficit in the 2020 Valuation). The group therefore discussed whether employee and employer contributions should be decreased as a result.

The potential implications of reducing contributions, and risks involved, were considered; the volatility of the economy was discussed, and where it may leave members if this changed for the worse again. Furthermore, the repercussions of a company going under that USS is invested in was considered.

Furthermore, the members discussed when may be a good time to reduce the contributions.

The general consensus of the group was that it should be requested that contributions are reduced due to the surplus, and that this should be requested to be earlier than the usual schedule; moved to January 2024 rather than April 2024.

The subject of flexibility was also discussed, and Conditional Indexation was considered as a flexible option which could be explored further.