USS Pensions — University supports JEP recommendations


October 29th, 2018

The University has responded to the UUK employer consultation to confirm it supports the Joint Expert Panel recommendations on the USS 2017 valuation, and would accept an increase in employer contributions from 18% to 20.1% of salary.

In preparing its response, the University has sought the views of our staff, our Executive Board and our Council. The full response is published below and at USS Pension Valuation:

Consultation by Universities UK with USS’ participating employers on the Joint Expert Panel recommendations

University of Nottingham Response

I am writing in response to the questions posed in the consultation by Universities UK with USS’ participating employers on the Joint Expert Panel recommendations.

In preparing this response, the University has sought the views of our staff, our Executive Board and our Council. Taking each question in turn:

1. Would your institution support the JEP recommendations regarding the 2017 valuation (see Table 2 – page 10), in overall terms, subject to the acceptance of such a position from the USS Trustee (and TPR as appropriate)?

Yes, because the proposal has been developed jointly by the employee and employer representatives as a pragmatic approach to resolve the 2017 valuation.

2. What further information would you need to provide a final view for question 1?

The University would need further information on the level of risk inherent in the recommendations and confirmation that the USS Trustee would not seek any conditions to their acceptance

3. Employers currently pay 18% towards the USS scheme, and the mandate agreed immediately following the Acas discussions was 19.3%. If the recommendations of the JEP were accepted in full by all parties, the outcome would be that existing benefits – minus the employer match of 1% – could be provided at an indicative employer contribution of 20.1% of salary (with a member contribution of 9.1%).

(a) Would you accept employer contributions at that level?

(b) If not, what balance of additional risk, higher contributions and/or benefit change would you prefer to see as an outcome?

Yes, the University would accept an employer contribution of 20.1% of salary through to the conclusion of the next valuation if the recommendations of the JEP were accepted in full by all parties.

Margaret Monckton
Chief Finance Officer
University of Nottingham

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