For definitions of terms used on these pages, see this glossary.
Latest updates on USS2 November 2023
5 October 2023
21 September 2023
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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.