November 26th, 2018
The USS Trustees have issued the following update to institutions and members:
As previously indicated, USS has now confirmed it will run a new valuation of the scheme’s funding position — as at 31 March 2018 — to account for the latest market data, forecasted investment returns and life expectancy.
This would then inform USS’ assessment of the Joint Expert Panel proposals on contribution increases to ensure that the defined pension benefits members earn are secure. USS plans to finalise contribution rates based on the new valuation in early February for the formal Joint Negotiating Committee of UUK and UCU representatives to consider how to address.
It should be noted that this work will not avoid the first Rule 76 contribution increase in April 2019, where employer contributions would rise from 18% to 19.5%, and member contributions from 8% to 8.8%. However, it is hoped that it will mitigate the much steeper contribution increases proposed under Rule 76 for October 2019 and April 2020.
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