Update on the USS Joint Expert Panel and the Pay and Benefits Review - 14 June 2018
Since our last message to you in May the membership of the USS Joint Expert Panel (JEP) has been finalised and more details on its work plan have been announced. We support the JEP’s examination of the data and analysis behind the current USS valuation and we continue to advocate for its work to be fully transparent and made accessible to anyone with an interest.
Joint Expert Panel
Pensions expert Joanne Segars OBE will Chair the JEP which is made up of three UCU and three UUK appointed panellists. The JEP’s Terms of Reference require it to make an assessment of the 2017 valuation, review the basis of the scheme valuation, assumptions and associated tests and agree key principles to underpin the future joint approach of UUK and UCU to the valuation of the USS fund.
The first JEP meeting was held on the 31st May and the report can be found here. Importantly, they are seeking academic experts to meet with the panel. We will nominate and support colleagues who wish to participate in the process. Colleagues can also make submissions or comments directly to email@example.com.
We will publish update reports from the JEP on our own USS webpage as and when we receive them.
Pay and Benefits Review
We continue to work on our own Pay and Benefits Review and a Benchmarking Working Group, led by Dean of the Faculty of Engineering Professor Nigel Brandon, will review the benchmark information used to inform pay decisions and make an interim report in September. Staff feedback from the Pay and Benefits Review has also been taken into account during the annual Local Pay bargaining negotiations between the College and the Joint Trades Unions (JTUs).
We will continue to keep you updated over the summer on any significant developments.
Alice and James
Professor Alice P. Gast, President
Professor James Stirling, Provost