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

Latest update on the 2020 valuation

28 May 2021

  • The University has published its response to a recent UUK employer consultation
  • Our response suggests the best way forward would be to commence work quickly on conditional indexation or another risk- and reward-sharing alternative scheme structure
  • Unfortunately we have heard from the USS Trustee that, while there is interest in exploring this option, it would take too long to be viable as a solution for the 2020 valuation
  • UUK will now evaluate all the employer responses to see if it can table a formal proposal in negotiations with UCU, the member representative.
  • Formal negotiations via USS’s Joint Negotiating Committee are scheduled to end in August this year but the statutory completion of the valuation will take longer, and it is likely that USS will increase contributions in October.

 Read the full story

Background
USS is currently undertaking a valuation (a statutory assessment of a pension scheme’s overall financial health) as at 31 March 2020. Employers were consulted about the assumptions and technical provisions for this valuation in the autumn of 2020. USS published details of the valuation findings in early March 2020, and their figures project a large deficit for the scheme, which would necessitate a steep rise in contributions to fund. The next step will be for the Joint Negotiating Committee (representing scheme members and employers) to decide how to deal with the deficit and these increased costs.
 

Articles and University statements on the 2020 valuation of USS

28/05/2021 University responds to UUK employer consultation

28/04/2021 Message from the Pensions Working Group about a survey

26/03/2021 Message from the Pensions Working Group about the 2020 valuation

03/03/2021 USS announces significant increase in cost of providing current benefits

09/12/2020 University and Colleges write to the CEO of USS (Raven login required)

06/11/2020 University responds to consultation on assumptions for 2020 valuation

04/09/2020 Information about the 2020 valuation and an online open meeting for Cambridge USS members

09/01/2020 Meeting on USS Joint Expert Panel's second report

15/10/2019 Recording of October 2019 USS open meeting available

20/09/2019 USS open meeting announced: 4 October