This is an important update in a regular series of communications to update staff on the progress of the 2020 valuation of the USS pension scheme.
In this update:
- Steep October contribution increases averted
- UUK consulting with employers after proposal approved at JNC
- Employee consultation to take place this autumn
- UUK asks for clarity over UCU’s draft proposal
- A reminder of where to find resources
Steep October contribution increases averted
We wrote to you last week to tell you that the Joint Negotiating Committee (JNC) has voted in favour of a proposal by employer representatives to conclude the 2020 valuation of USS. Following that decision, the USS Trustee has agreed to accept the recommendations, saving university employers and hundreds of thousands of scheme members from steep contribution increases from 1 October 2021. You can read more about this on the USS Employers website.
UUK consulting with employers after proposal approved at JNC
The USS Trustee wrote to UUK on 6 September 2021 to formally start a short consultation on issues relating to the conclusion of the valuation.
The employer consultation asks for comments on the proposed recovery plan, the schedule of contributions and the statement of funding principles relating to the 2020 actuarial valuation. This consultation with employers will run until Monday 20 September 2021.
Employee consultation to start this autumn
Employers have a statutory duty to consult with all affected employees and their representatives on any changes to USS. This will be co-ordinated by the USS Trustee, which has said, in a Q&A for members:
“The consultation needs to run for a minimum of 60 days, and we’re currently producing the consultation materials – including a modeller. As well as ensuring these materials are accurate and legally sound, we also need to ensure they are available in a range of accessible formats and languages. This will take some time but we are aiming to be in a position for employers to launch their consultation around the start of November. Given the seasonal break in December, we expect the consultation to run until mid-January.”
UUK asks for clarity over UCU’s draft proposals
Universities UK has written to UCU to clarify whether their draft, alternative proposals for the 2020 valuation should now be considered formal, so that employers can be consulted.
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.