Changes to the USS pension scheme
USS have launched a consultation on the 2018 valuation. The consultation will seek to assess the impact and applicability of the recommendations from the Joint Expert Panel (JEP) report which we support. We will need to review and respond by 25 February 2019. We will hold meetings with Faculty Boards and Management Committees and Heads of Department, as well as with UCU representatives, and you can also submit comments directly to us at any time. Your views will contribute to a final response decided at our February Provost’s Board meeting.
Separately, on 5 December 2018 USS launched a consultation on the final steps for concluding the 2017 valuation. The College response was sent to Universities UK (the employers’ representative body for these purposes) on 11 January 2019. Read the College response
Member and employer contribution rates will be increasing from April 2019 under the ‘cost-sharing’ rule. If you are a USS member, you will receive individual communications about this change in the New Year. The currently planned higher cost-sharing contributions from October 2019 will be reviewed in light of the 2018 valuation that USS will complete as soon as possible.