March 20th, 2019
Following the March 2019 valuation of the USS pension, the University has responded to the latest employer consultation by Universities UK. The response confirms that the University would accept an increase in employer contributions, as well as contingent contributions if necessary, to resolve the latest valuation.
This would enable reassurance for scheme members over the short-term, and avoid more significant contribution increases for both members and employers under Rule 76, while allowing time for a long-term sustainable solution to be identified.
The response is published in full below and a summary of all universities’ responses has been published online.
University of Nottingham response – March 2019
The University agrees with the direction proposed in the consultation as a means of providing reassurance to scheme members and avoiding the more significant Rule 76 cost-sharing increases that both employers and scheme members would face in October 2019 and April 2020.
In considering the immediate way forward on the March 2018 valuation and taking each of the consultation questions in turn:
In conclusion, the University of Nottingham continues to believe that a sustainable solution is required for the long-term provision of pension benefits to USS members. As such, we support the continued work of the Joint Expert Panel in improving the quality of the valuation and governance processes to ensure they are fit for purpose.
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