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For definitions of terms used on these pages, see this glossary.

Latest updates on USS

2 November 2023

  • USS has written to members to confirm that, subject to various consultation processes, members' pension contributions are expected to drop from 9.8% to 6.1% of salary from 1 January 2024. It has also confirmed that there will be a one-off augmentation to pensions for those contributing between April 2022 and April 2024. Read more on the USS website.

5 October 2023

  • UCU and UUK have reached an outline agreement on how the 2023 valuation should be finalised. Read the full statement online.
  • This recommends the restoration of DB benefits within the scheme to pre-April 2022 levels. Member and employer contribution rates would also be lower.
  • The agreement also includes a recommendation to apply a one-off augmentation to members' pensions, to make up for the lower benefits accrued between April 2022 and April 2024.
  • The eventual completion of the 2023 valuation is subject to the outcome of various consultation processes, and is the responsibility of the USS Trustee.

21 September 2023

  • As part of the 2023 valuation process, which shows a much-improved financial position, there is a proposal to restore USS benefits to the level they were at before April 2022.
  • Members and eligible members of the scheme are being consulted on these proposals.
  • The formal Notice of Consultation gives details of the proposals and how affected staff can give their views.
  • The consultation runs from 9am on 25 September to 5pm on 24 November on the USS consultation website


Members of USS will be notified of relevant news about the scheme in the USS bulletin, an occasional e-bulletin produced by the University to which all USS members at Cambridge are automatically subscribed. The University also holds periodic open meetings to discuss developments with USS: you can view recordings of previous meetings (Raven login required).

About USS

The Universities Superannuation Scheme (USS) is a pension scheme for the UK university sector. A large number of staff at the University and Cambridge Assessment are members of USS. You can read more about the benefits provided by the pension scheme on the USS website.

USS is required by law to undertake a valuation – essentially an assessment of its overall financial health – every three years. The pensions regulator expects these to be completed within a certain time period. The last three valuations have been contentious, with the three main parties involved – the USS trustee, UCU, which represents members, and UUK, which represents employers – struggling to reach agreement on how the valuation should be conducted and the level of contributions required to fund benefits.  

Valuations in 2017 and 2018 projected large deficits for the scheme, with member and employer contributions rising – from 8% and 18% respectively in 2017 to 9.6% and 21.1% respectively from October 2019. In April 2022, benefits were cut as part of the resolution to the 2020 valuation. A 2023 valuation is now underway, which shows an improved funding position for the scheme and includes proposals to restore benefits to the pre-2022 level and to cut member and employer contributions.