Pensions Update - USS 2018 actuarial valuation consultation - 4 January 2019
A very happy New Year to everyone. As you return from the Christmas break we wanted to alert you to the consultation on the 2018 valuation which USS have just launched. Importantly, the consultation will seek to assess the impact and applicability of the recommendations from the Joint Expert Panel (JEP) report which we support. You can read the full consultation materials.
The 2017 valuation will be concluded shortly and USS plan to implement the first phase of cost-sharing contributions on 1 April 2019. The currently planned higher cost-sharing contributions from October 2019 will be reviewed in light of the 2018 valuation that USS will complete as soon as possible. The consultation materials for this valuation have only just been published and we will need to review and respond by 25 February 2019.
As we did with our submission to the UUK consultation on the JEP report, we will hold meetings with Faculty Boards and Management Committees and Heads of Department, as well as with UCU representatives, and you can also submit comments directly to us at any time.
Your views will contribute to a final response decided at our February Provost’s Board meeting. We will, as always, publish our submission on our USS webpages.
The tight timescales for the 2018 valuation will put considerable pressure on all parties trying to find a sustainable way forward. We will continue to press for transparency and evidence-based decision making throughout the consultation and negotiation. As always, we welcome your ideas and input.
Alice and Ian
Professor Alice P. Gast, President
Professor Ian Walmsley, Provost