2020 valuation

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

Latest update on the 2020 valuation

01 March 2022

The JNC voted on 22 February to implement a package of benefit reforms proposed by UUK to resolve the 2020 valuation. This means USS members will face cuts to their future benefits from 1 April this year.
This included deferring the implementation of an inflation cap on members' future benefits, which the recent member consultation had indicated was an area of particular concern.
Read a briefing on the University's position on these changes, and the longer-term future of USS.

14 February 2022

Formal UCU proposal to be considered by university employers this week.

26 January 2022

The University has shared the results of the recent member consultation with USS
The USS Trustee and the JNC will consider the results from all university employers and may choose to alter the changes being proposed as a result
The final package of changes must be signed off by 28 February in order to be implemented by 1 April, to avoid fallback contribution increases
Changes will apply to future accrual only: pension benefits built up in the past are protected by law

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 (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