Dear Colleagues,

We wrote to you just over a week ago with an update on the 2018 USS pension scheme valuation, which USS are currently consulting on with Universities UK (UUK) and employers. 

The College has to submit its response to UUK by the end of Wednesday 14th March, and following meetings with Heads of Department and Union representatives, we are now in a position to share a draft of our response with you (attached). The draft was considered by Provost’s Board over the weekend, and we are also grateful to those of you who have contacted us directly with your input.

We appreciate the consultation timescales are very short, however it is important that we adhere to these if we are to avoid significant increases to employer and employee contributions in October this year. These will follow as a result of the 2017 valuation unless an alternative agreement is reached.

All colleagues are invited to attend a meeting in the Read Lecture Theatre, Level 5 Sherfield Building, South Kensington at 12.30 tomorrow the 12th of March to discuss the College’s response prior to it being submitted on Wednesday. For those of you who are not available to attend in person, the meeting will be live streamed here.

Our USS webpages have the latest information in relation to the scheme, and modellers to help you assess the potential impact on your pay if the changes proceed.

You are also welcome to get in touch with us directly at any time with your views. If you have any specific technical questions which are not answered on our webpages, then please do get in touch with the pensions office.

Best wishes,

Alice and Ian