Draft response to USS Technical Provisions consultation

Dear colleague,

In our last message we shared further analysis of the materials for the USS consultation on their proposed assumptions for the pension scheme’s Technical Provisions in relation to the 2020 valuation.

We have now met with USS, along with our Director of Finance Tony Lawrence, and our internal experts Professors Richard Craster, Axel Gandy and David Miles. We raised a number of questions about the valuation, including why the current consultation doesn’t encompass all aspects of the valuation process, the accommodation of only some of the JEP recommendations, and whether the asset modelling approach is appropriate in technique and time horizon. A summary of the discussion will be made available on the website shortly.

Taking into consideration the information provided by UUK and the discussions with USS, we have prepared the attached draft response to the consultation, which closes on 30th October. This draft will evolve as we gather feedback from our community. We will be discussing this at Provost’s Board on Tuesday 27th October, before finalising our response next week. Please share any further feedback by emailing provost@imperial.ac.uk  by the end of Wednesday 28th October.

As usual, our webpages contain more information about the valuation, including the timeline and the parties involved.

Best wishes, 

Alice and Ian

Professor Alice P. Gast, President

Professor Ian Walmsley, Provost