Dear colleague,

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

UUK have now shared some further analysis of these consultation materials produced by AON, their independent actuarial advisers. We have reviewed the AON advice and will consider this as part of our response to the consultation.

We are disappointed that USS are consulting in the piecemeal fashion so far. Without knowing the results of the covenant assessment and the deficit recovery plan it is difficult for us to comment fully on the consultation.

We wish to explore further with USS their proposed risk management framework, the discount rates used and the appropriate length of recovery plan. We have sought a meeting with representatives from USS and will, along with our Director of Finance Tony Lawrence, and our internal experts Professors Richard Craster, Axel Gandy and David Miles, seek to learn more about the entire valuation approach. We will let you know the outcomes of that meeting which will take place in early October. 

If you have questions you would like us to ask at this meeting, please send them to We will look at all the questions that you send us, and will ask questions on the issues you raise.

In the meantime, you can access a recording of the webinar held by USS on Thursday 17 September - you need to complete the registration form in order to view it. Our webpages have 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