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The group set up to review the disputed 2017 valuation of USS has published its recommendations.

The Joint Expert Panel (JEP) was set up after employers and members failed to reach agreement on benefit reform following the disputed 2017 valuation of the Universities Superannuation Scheme (USS). The JEP met several times over the summer of 2018 and published its report on Thursday 13 September. You can download the full report and an executive summary here:

http://www.ussjep.org.uk/report-of-the-joint-expert-panel/

The JEP was composed of equal numbers of expert members nominated by UUK (representing university employers) and UCU (representing USS scheme members). It was chaired by an independent chair, Joanne Segars. You can read more about the panel’s members here

The JEP’s report is expected to inform discussions at the Joint Negotiating Committee (JNC), the body with responsibility for deciding how changes in the cost of USS should be addressed. The JNC is made up of equal numbers of UUK and UCU representatives, with an independent chair appointed by the committee itself.

Based on the JEP’s findings, the JNC may propose changes to benefits and/or contributions which, subject to due diligence by the trustee, would then be subject to consultation with members.

UUK and UCU welcomed the report. You can read UUK's statement here and UCU's statement here

The University is committed to keeping members of USS informed about the progress of the disputed 2017 valuation. All our previous briefings on this topic are collected here

Published

13 September 2018