Changes to the USS pension scheme
Response to 2018 valuation consultation
Following the conclusion of the 2017 valuation, USS are consulting with UUK and employers on the 2018 valuation. This valuation includes USS’s consideration of the report of the first The Joint Expert Panel (JEP).
We submitted our final response to UUK after meetings with Heads of Department, UCU representatives and feedback at a staff meeting. For those of you who were unable to attend the meeting in person, here are all the materials from Tuesday, including the slides and a video recording (login required).
UUK have now collated the responses they received from employers, and sent their collective response to USS. We expect a response from USS at the beginning of April and will update these pages accordingly.
How does the 2017 valuation affect my contributions?
USS have confirmed that the 2017 valuation, which was finalised before consideration of the recommendations of phase 1 of the Joint Expert Panel, is now closed and has been submitted to the Pensions Regulator. All members will receive a letter from USS confirming this and sharing a link to the Summary Funding Statement during March. Access the letter now [pdf]
Under the 2017 valuation the employer and employee contributions will increase as follows:
|Current contributions||From 1 April 2019||From 1 October 2019||From 1 April 2020|
We hope a solution will be found through the 2018 valuation consultation to avoid the significant increase in employer and employee contributions in October 2019.
We have created a modeller so you can see the effect that the planned and proposed contribution changes would have on your own contributions and take-home pay. Download the modeller [Excel]