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This page is about the 2018 valuation of USS, which is now completed. See the latest news about USS.

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

A brief history of the 2018 valuation

The 2018 valuation was proposed as way to resolve the problems of the disputed 2017 valuation. By taking into account changes in market data, life expectancy, forecasted investment returns and actual market performance since March 2017, the 2018 valuation produced a more positive picture of the scheme’s funding position, projecting a smaller deficit than in 2017. This enabled the Trustee to propose lower contribution increases than those introduced under the cost-sharing measures that completed the 2017 valuation. 

The resolution agreed on by employers and members was to introduce a combined contribution rate of 30.7% from 1 October 2019, with a new valuation to be undertaken as at 31 March 2020. If the 2020 valuation does not produce an alternative schedule of contributions, the combined contribution rate will rise to 34.7% from 1 October 2021.

In September 2019 the Joint Expert Panel produced another report, recommending several ways to change how USS valuations are conducted that would produce fairer and more sustainable outcomes, and better reflect the unique nature of the scheme. The University of Cambridge fully supported this work, believing that alternative approaches to 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 2020 valuation is now underway. Read about the 2020 valuation.

Articles and University statements on the 2018 valuation

27/08/19 Important update for Cambridge members of USS

25/07/19 Statement from the Vice-Chancellor on the USS Pension Scheme

03/07/19 Recording of June 2019 USS open meeting available

21/06/19 University publishes response to JEP2

31/05/19 An update on the 2018 valuation of USS [UPDATED 4 June 2019]

27/03/19 University publishes response to consultation on 2018 valuation of USS [UPDATED 9 April 2019]

19/02/19 USS pension contributions to rise from 1 April 2019

12/12/18 Update from the USS Trustee: further details about the removal of the 1% 'match' from 1 April 2018

27/11/18 Update from the USS Trustee: first phase of cost-sharing increases to go ahead, and new 2018 valuation