2020 valuation: an update on the recent decision of the Joint Negotiating Committee of USS
Dear colleagues,
I am writing to let you know that an important decision on the future of the USS pension scheme was taken this week. The USS joint negotiating committee – the body responsible for deciding on whether to make changes to the scheme – voted to take forward UUK’s proposal for benefit reform as part of the next phase of the 2020 valuation. If implemented, this would see the current DB/DC hybrid structure maintained, but with a likely fractional increase in contributions, and with a reduction in the value of benefits and inflation-proofing. Both UUK and UCU have issued statements this week on the vote.
The University’s Pensions Working Group, which contains members from the University, the Colleges and Cambridge UCU, will meet on Monday, 6 September to discuss this development. We expect to issue a detailed message next week to all staff who are members of the scheme, explaining what this means for you, and the next steps in the valuation.
The University published its views on the UUK proposal in May of this year.
Anthony Odgers, Chief Financial Officer and chair of the Pensions Working Group
This update was sent to all USS members at Cambridge on 3 September via the USS Bulletin.
| For the latest updates on USS, visit the USS latest page, where you can see all the University's statements about the 2020 valuation. |