The current valuation process formally began in March 2023. This timeline outlines how we anticipate the process to progress.

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

April 2022 The changes agreed as part of the 2020 valuation come into effect. Learn more on the USS website.
Friday 31 March 2023 A snapshot is taken of the scheme's assets and liabilities. This will form the basis of the valuation.
April 2023 Separately, USS will begin consultation with universities (via UUK) on the potential for a conditional indexation model. Learn more about the College's position on this on our webpage.
August/September 2023 USS will begin consultation with universities (via UUK) on the technical provisions of the valuation.
October 2023 USS will confirm the funding position of the scheme and whether any changes to the overall contribution rate may be required. If changes are required, the Joint Negotiating Committee will meet to determine if this will be met via benefit changes or employer/employee contribution changes. A final decision is required by December 2023 to meet the target timeline.
April 2024 Target date for implementing any changes.
Sunday 30 June 2024 Legal deadline for the completion of the valuation.
Last updated: Thursday 20 April 2023 
Summary of the table's contents