USS Benefit Reform Proposal/Joint Expert Panel – April 2019
On 3rd May 2018, the Universities Superannuation Scheme (USS) confirmed that representatives from both Universities UK (UUK) and the University & College Union (UCU) agreed to revoke the benefit proposal previously tabled following the 23rd January 2018 Joint Negotiating Committee.
Details of the benefit reform can be found in the article under the ‘Ongoing Updates & More Information’ below.
What happens next?
Both UUK and UCU have a commitment to establish a Joint Expert Panel (JEP) to review the 2017 Valuation. Comprising of both actuarial and academic experts, the JEP are tasked with delivering a report on the following:
- Agree key principles to underpin the future joint approach of UUK and UCU to the valuation of the USS fund;
- Review the basis of the scheme valuation, assumptions and associated tests;
- Reflect the clear wish of staff to have a guaranteed pension comparable with current provision whilst meeting the affordability challenges for all parties;
- Make an assessment of the valuation. If in the light of that assessment contributions or benefits need to be adjusted in either direction, both parties are committed to agree to recommend to the JNC and the trustee, measures aimed at stabilising the fund to provide a guaranteed pension broadly comparable with current arrangements.
In addition, the JEP are to continue discussion on:
- Comparability between TPS and USS;
- Alternative scheme design options;
- The role of government in relation to USS;
- Reform of negotiating processes.
Updates on the progress of both establishing to JEP and the work of the JEP will be added to the ‘Ongoing Updates & More Information’ section at the foot of this article. Any queries can be directed to USSConsultation@bradford.ac.uk where a member of our Payroll & Pensions Department can respond to you directly.
Ongoing updates and more information