What the College is doing
The College is one of 350 employers participating in the USS pension scheme. We engage regularly with UCU, USS and UUK to ensure the opinions of members and the College as a whole are factored in to the valuation process. You can learn more about specific meetings and consultations on our valuation timeline page.
Our position is informed by the feedback provided by the USS Staff Working Group, as well as through surveys and discussions with our USS members. The valuation must also be considered within the context of our broader Total Remuneration Package.
Although valuations can appear complex, our position is clear:
Pensions should provide value for money for members
For the contributions we all provide, you deserve to be able to enjoy a comfortable retirement with a reliable pension, and the College is wholly committed to continuing to pay 2/3rds of your monthly pension contribution. We are also very supportive that everyone is able to take up a College contribution – we are not seeking to reduce what we pay into pensions. Further, it seems likely that in the short term we will face an increase in the overall contribution rate to resolve the immediate challenges USS faces. However, short-term solutions will only provide short-term relief.
The USS pension scheme needs a more sustainable footing
The price for current benefits is increasing at an unsustainable rate. The question we’re all faced with is whether the structure of the USS pension scheme is set up in a way to provide sustainable value for money in its current form without placing an undue burden on future generations. With a balanced approach to risk sharing, we believe there is a way to get you the same, or even better level of pension income, for a better price.
Maintaining a hybrid scheme is key
Any changes to USS must include both a Defined Benefit and Defined Contribution component. We have heard from you about the importance of this, and we will argue strongly for it. We also believe this should include a lower cost, more flexible alternative as part of USS to give members a more attractive, affordable, and sustainable option.
You can learn more about the ways we engage with our staff and feed into the valuation on the pages below: