The meeting provides an update on the current status of the 2018 valuation and the University’s position on USS.
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An open meeting for all Universities Superannuation Scheme (USS) members in the University group and Colleges was held on Thursday 27 June 2019.
At the meeting, Sam James (Cambridge UCU branch president) outlined the current national situation with USS, with a particular focus on the background to the 2018 valuation, and the current status of that valuation. USS has offered employers and members three options for completing the valuation; employers (including Cambridge) have indicated a preference for Option 3, which entails a moderate contribution increase for members and employers but avoids the higher contribution increases that would otherwise be imposed under cost-sharing. Negotiations to determine an acceptable solution for all parties are continuing.
Anthony Odgers (University Chief Financial Officer) spoke about the work of the Joint Expert Panel (JEP), which was set up by UCU and UUK to review the USS valuation methodology. The second phase of the JEP’s work is intended to produce recommendations for alternative valuation methodologies that could be used in future valuations and might provide a more stable framework for long-term funding and benefit provision in the scheme. The University has submitted its views to the JEP.
Contribute your views to the JEP
The JEP is holding focus groups with members of USS to find out what members want from their pensions. These will be run by an independent research organisation, and two sessions will take place at the University of Cambridge, at 12-2pm and 2:30-4:30pm on Monday 8 July at Greenwich House. There may still be opportunities to take part in these sessions; if you are interested, please email the Head of Pensions Administration, sue.curryer@admin.cam.ac.uk Participants will be selected to provide a representative range of demographic and other characteristics.