The University has published its response to the UUK employer consultation on the JEP recommendations.
The Joint Expert Panel (JEP) report published in September made a number of recommendations for resolving the disputed 2017 valuation of the Universities Superannuation Scheme (USS).
In order to resolve the dispute and complete the valuation, however, these recommendations must be found acceptable by employers (represented by UUK), by scheme members (represented by UCU), and by the USS Trustee and the Pensions Regulator.
UUK wrote to employers asking for their views on the JEP’s recommendations. The University of Cambridge has now published the response that it sent to UUK. The University has made it clear that it supports the JEP’s recommendations, as long as these do not entail additional commitments that would place undue constraints on the University’s operational flexibility or generate significant financial risk.
UUK has reported that it received responses from employers representing 94% of active USS members. It added: “The vast majority of employers that responded are generally supportive of the JEP’s recommendations. However, a large number of employers – accounting for over half the scheme’s active membership – expressed important conditions and caveats to their support.”
UUK also reported that many employers expressed the view that “a second phase for the JEP is essential as part of developing a longer-term position for USS.”
You can read more on UUK’s website and download the full summary of employer responses here.
UCU’s Superannuation Working Group has also endorsed the JEP’s recommendations.
The University is committed to keeping USS members informed of the progress of the 2017 valuation. Previous briefings on this topic, including recordings of open meetings, are collected on our USS latest page.