During the summer the University has kept you informed of the latest developments in the USS pension valuation as there are significant implications for all USS members and the wider community.
Last week, we published an update explaining that Universities UK (UUK), acting on behalf of employers, including Sussex, has put forward ‘option 3’ as its preferred solution to concluding the 2018 valuation of USS.
This week, the trustee board of the USS pension scheme has presented a valuation report in line with option 3 to the Joint Negotiating Committee (JNC), for its consideration as an outcome to the 2018 valuation.
The JNC, comprising equal numbers of representatives for employers and trade unions, will meet on Tuesday (20 August) to consider the valuation report, and to decide how the change in the contribution rate should be split between employers and members and/or whether any benefit changes are required in response to the contribution rate.
The JNC has three months from 7 August to decide, and if no decision is made then the default contribution sharing provision would apply, with any increase or decrease in the contribution rate shared 65:35 between employers and members respectively.
Please read our 9 August update for the background to this development.