The current valuation process began in 2020 is expected to conclude in 2022. The timeline below outlines how the process has progressed, including key points in the College's response. All future dates outlined below are subject to change. 

You may wish to learn more about the parties involved in the valuation on our glossary page.

Date 
December 2019 The Joint Expert Panel publish their second report (JEP2), which makes recommendations on the valuation methodology.
January 2020 UUK consult with employers on recommendations from JEP2, to which the College provided a response
March 2020  USS issue valuation discussion document and consult on methodology and risk appetite. 
September 2020  USS consult with employers on their proposed assumptions for the pension scheme’s Technical Provisions in relation to the 2020 valuation. In this document, USS set out their initial view on the assets, liabilities, long-term assumptions and the cost of the current benefits structure.
October 2020 Professor Ian Walmsley meets with USS representatives, along with our Director of Finance Tony Lawrence, and our internal experts Professors Richard Craster, Axel Gandy and David Miles. A number of questions were raised, 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. You can view a summary of the meeting and further details on the responses from USS.
December 2020 President Professor Alice Gast and Provost Professor Ian Walmsley write to USS endorsing the work of the Joint Expert Panel and urging full implementation of its proposals.
February 2021 Representatives from the College meet with UCU in order to discuss the USS valuation and agree upon an Imperial-UCU joint letter to USS urging the full implementation of the JEP's proposals.
March 2021 USS issue valuation report
March 2021 The College invites USS members to provide their feedback on the valuation and establishes regular staff drop-in sessions on pensions
April-May 2021 UUK launches its consultation on the valuation. You can view the College's response
April 2021 Representatives from the College meet with USS to discuss concerns with the valuation, its methodology and the debt monitoring framework. You can view a summary of the meeting
May 2021 The College establishes a USS Valuation Working Group, chaired by Professor Richard Craster and comprised of staff representatives from across the College
August 2021 The Joint Negotiating Committee will decide on whether changes are needed to contribution rates and/or benefits. The consultation responses from UUK will be considered.
October 2021 This is when contributions are scheduled to increase as part of the 2018 valuation.
November 2021 The College will conduct a 60-day employer consultation with staff.
January-February 2022 USS consultation on Schedule of Contributions/Recovery Plan/Statement of Funding Principles.
Later in 2022 USS will submit the valuation to the Pensions Regulator - it is yet to be determined when any changes would be implemented.
 
Summary of the table's contents