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JEP phase 2 is investigating the USS valuation process and scheme governance.

The University of Cambridge has submitted its views on the USS valuation methodology to the Joint Expert Panel (JEP), whose second call for submissions closed last week.

Read the University’s submission

The JEP was set up by Universities UK (UUK) and the University and College Union (UCU), initially to review the 2017 valuation methodology specifically. It is now investigating the USS valuation process and scheme governance more generally, as well as the long-term sustainability of the scheme. The panel is composed of six experts, three each nominated by UUK and UCU, with an independent Chair, Joanne Segars.

The University supports the current work of the JEP in exploring the USS valuation process in more detail. As outlined in a recent Notice to the Regent House, the University Council believes that alternative approaches to the USS’s valuation methodology represent the most promising way of providing a more stable framework for long-term funding and benefit provision in the scheme without steep rises in the total contribution rates. The Council’s priority is to promote a long-term solution for the USS that is acceptable to all parties.