Changes to the USS pension scheme
UUK is currently consulting with employers on the Joint Expert Panel (JEP) report which was published in September and recommended four areas where adjustments to the valuation should be considered. As a USS employer Imperial will be responding to this consultation. Meetings with Faculty and support staff representatives have now taken place. The College’s draft response to the consultation will be informed by these conversations and will be discussed at Provost’s Board and with the College’s UCU representatives in the week commencing 22 October, before being submitted by the 30 October deadline and made public. Find out more about the UUK consultation
UCU will also be considering the findings of the JEP report. UUK and UCU will then feed into the Joint Negotiating Committee (JNC). The JNC is the body that initiates or considers alterations to the USS benefits. It comprises an equal number of UUK and UCU representatives along with an independent chair appointed by the JNC.
In parallel, USS is consulting its members on proposed changes which would see a phased increase to both member and employer contributions beginning in April 2019. If you are a USS member you can take part in this consultation. Find out more about the USS consultation