We supported the ACAS proposal for a Joint Expert Panel (JEP) to examine the data and analysis behind the current USS valuation and key principles for future valuations.

The outcome of the UCU ballot to accept this proposal was a welcome step forward and in line with our call in February to convene an expert group.

The JEP’s work must be fully transparent and made accessible to anyone with an interest, at every step of the way. We will continue to advocate for this. As we have said before, any experts from the College represented on the JEP or asked to provide evidence will have our full support. Imperial Professors Axel Gandy and David Miles gave evidence to the JEP at the sixth meeting on 9 July, and you can still make submissions or provide comments directly to submit@ussjep.org.uk.

Pensions expert Joanne Segars OBE is chairing the JEP, which is made up of three UCU and three UUK appointed panellists.

The terms of reference for the JEP have been published. The purpose of the panel is to:

  • make an assessment of the 2017 valuation
  • focus in particular on reviewing the basis of the scheme valuation, assumptions and associated tests
  • agree key principles to underpin the future joint approach of UUK and UCU to the valuation of the USS fund

Access the minutes from the JEP meetings: