Who is involved?
Who is involved
Universities UK (UUK)
UUK is the collective voice of 136 universities in England, Scotland, Wales and Northern Ireland. It is the nominated formal representative for over 350 employers participating in the USS pension scheme.
University and College Union (UCU)
UCU is a trade union that represents staff at UK universities. It is the nominated formal representative for USS scheme members.
Joint Negotiating Committee (JNC)
The JNC decides how increases in costs to the scheme should be met after the USS scheme has established the contribution rate required for the current level of benefits. The JNC’s options are to increase contributions or change future benefits or a combination of both. The JNC can also feed in its views on a number of other areas in the scheme, including the level of risk to take when calculating the contribution rate required.
The JNC is made up of five representatives from UCU, five representatives from UUK, and an independent chair.
Joint Expert Panel (JEP)
The JEP is a panel of independent experts, who have been reviewing the 2017 USS valuation since May 2018. It is comprised of six actuarial and academic experts – three nominated by UUK, and three by UCU. The panel is led by a jointly agreed chair, Joanne Segars OBE. Access the terms of reference for the JEP
The Pensions Regulator (TPR)
The Pensions Regulator is a public body, sponsored by the Department for Work and Pensions, set up to protect people’s savings in workplace pensions. One of the Regulator’s key priorities is to reduce the risk that pension schemes will require taxpayer support to meet their obligations.
The Universities Superannuation Scheme pension is used by 350 employers nationally and it is the second largest private pension scheme in the UK by fund size. At Imperial, all staff in the academic and research job family, and staff at levels 4 and above in the professional, technical and operational job families are eligible to join the scheme.
The legal obligation on the USS Trustee is to ensure that the pension fund is financially stable in accordance with rules set by the Pensions Regulator.