Timeline for the 2020 valuation
The current valuation process began in 2020 is concluded in 2022. The timeline outlines how the process has progressed, including key points in the College's response.
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. |
| December 2019 | The College writes to the Pensions Regulator, calling on them to take a flexible and thoughtful approach to JEP2. They responded that they are ‘…engaging with the Joint Expert Panel (JEP) and will consider their recommendations carefully…’ |
| January 2020 | UUK consult with employers on recommendations from JEP2, to which the College provided a response |
| February 2020 | UCEA and UUK publish a joint open letter, providing an update on progress to address concerns of university employees on pay, working conditions and pensions. You can find the letter here. |
| 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 Imperial's response to the consultation [pdf]. |
| 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 |
| June-July 2021 |
UUK launches short consultation with USS employers. View the College's final response [pdf] |
| September 2021 |
The Joint Negotiating Committee made its recommendations, which were approved by the USS Trustee. USS launched a short consultation with employers on the proposed recovery plan for responding to the deficit assessed by the USS Trustee as at 31 March 2020, and on a revised Schedule of Contributions effective from 1 October 2021. The USS Trustee is also consulting on the Statement of Funding Principles at the same time. |
| October 2021 | Contributions will increase by no more than 0.2% for employees and 0.3% for employers. |
| January 2022 | The USS consultation with members closed on Monday 17 January. Along with individual staff responses which were submitted directly to USS and to UUK, we also submitted a summary of Imperial staff views [pdf]. |
| February 2022 | The College submitted a response to the UUK consultation on the UCU proposal to conclude the 2020 USS valuation. View the response [pdf]. |
| April 2022 | The changes agreed as part of the 2020 valuation have now come into effect. Learn more on the USS website. |