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

Latest update on the 2020 valuation

26 March 2021

  • USS has announced that universities and staff need to pay in much more to the scheme to maintain the current level of benefits
  • UUK and UCU dispute these figures, with UUK calling on USS to provide more detailed evidence
  • The University’s Pensions Working Group believes a solution is possible that keeps costs at current levels and avoids excessive reform
  • Staff at Cambridge are invited to an online open meeting on 13 April to learn more about the 2020 valuation and how they might be affected.

 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

26/03/2021 Message from the Pensions Working Group abou 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