This is part of a regular series of communications to update staff on the progress of the 2020 valuation of the USS pension scheme.
- Employers agree stronger financial backing for USS
- USS Trustee welcomes UUK’s proposal
- JNC meetings continue in August
- A reminder of where to find resources
Employers agree stronger financial backing for USS
Employers in USS, including the University of Sussex, have agreed to make even stronger promises to the scheme to provide defined benefit pensions at affordable levels for scheme members and employers.
In response to a short consultation by Universities UK (UUK), which represents 340 USS employers, employers representing 94% of scheme members agreed to go even further with their covenant support than previously agreed to support the package. The University can confirm that it voted in favour in its response to the UUK consultation approved by Council at the start of July 2021.
USS Trustee welcomes UUK’s proposal
The additional financial backing – or covenant support – would save members and employers from contributions rises up to 80% higher after the USS Trustee confirmed the additional support would allow it to price Universities UK’s proposed alternative package at contributions very close to current levels.
JNC meetings continue in August
Meetings between national representatives of USS members (UCU) and employers (UUK) are continuing in August. The JNC has until the end of August to conclude its discussions. Should a solution emerge, the JNC will seek clarity from the USS Trustee about what this means for the contribution increases scheduled for October 2021.
A reminder of where to find resources
We are keeping up-to-date information about the 2020 valuation on our website. This includes links to key documents published by the main parties, as well as recordings of recent webinars.
If you have questions about your individual pension or circumstances, you can contact pensions@sussex.ac.uk.