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

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 (most recent at the top)

01/03/2022 Briefing: University position on USS after the JNC decision of 22 February

28/02/2022 Notice on University Council decision on UCU proposals

23/02/2022 Message from the Vice-Chancellor on USS

14/02/2022 Briefing: formal UCU proposal to be considered by university employers this week

26/01/2022 Update: results of the member consultation on proposed benefit changes

21/12/2021 Video of consultation open meeting

26/11/2021 Video of open meeting on recent research into USS valuation assumptions and long-term sustainability

08/11/2021 Update: new research from Cambridge compares USS assumptions to historical market data

29/10/2021 Update: University considers October increases unnecessary and advocates deferral of inflation cap

26/10/2021 Advance notice of member consultation on proposals to change USS benefits, and dates of consultation open meetings

14/10/2021 Briefing: Chief Financial Officer Anthony Odgers looks back over the 2020 valuation and considers current live issues

13/09/2021 Briefing: the JNC decision to progress UUK proposal for benefit reform and what it means for members

03/09/2021 Update: JNC decided this week to progress UUK proposal for benefit reform

03/08/2021 Alternative scheme design for USS: a joint statement from Oxford, Cambridge and their UCU branches

09/07/2021 Update: Cambridge willing to accept additional measures for covenant support requested by USS

28/05/2021 Briefing: the University's views on UUK's counter-proposal to USS (and survey results)

28/04/2021 Give your views on USS affordability: the Pensions Working Group is running a survey

26/03/2021 Briefing: what the USS announcement means, and an initial response from the University's Pensions Working Group

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

09/12/2020 'Serious concerns about the 2020 valuation': a joint letter from the University, Colleges and Cambridge UCU to the CEO of USS (Raven login required)

06/11/2020 University consultation response questions USS's approach to technical assumptions for 2020 valuation

04/09/2020 Update: the 2020 valuation process is beginning

09/01/2020 Recording of January 2020 USS open meeting: discussing the second report of the Joint Expert Panel

15/10/2019 Recording of October 2019 USS open meeting: discussing the conclusion of the 2018 valuation, the work of the Joint Expert Panel and looking ahead to the 2020 valuation