This is an 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:
- Statutory consultation notice sent to USS-eligible staff
- UUK fact-checks UCU infographic
- Aon analyses USS’s decision not to carry out a 2021 valuation
- A reminder of where to find resources and practical help to keep you informed
Statutory consultation notice sent to USS-eligible staff
All members of Sussex staff who are eligible to be members of USS received notice this week of the statutory consultation on the proposed changes to the pension scheme. The notice was sent via email on Tuesday (26 October) by the pensions team in HR. The consultation opens on 1 November and runs until 17 January and the University is encouraging all eligible staff to have their say.
The USS consultation website, at www.ussconsultation2021.co.uk, will contain all of the essential consultation materials, an individual modeller which can be used by eligible employees to assess the impact of the proposed changes on them, some explainer videos, and also the form through which staff can express their views.
UUK fact-checks UCU infographic
On Thursday 21 October, UCU posted an infographic on Twitter about the employers’ USS reform proposals. Shortly afterwards, UUK fact-checked the content of the graphics and requested that UCU retract them.
If you want to understand the proposals before taking part in the consultation, we encourage you to watch the recording of a recent webinar hosted by pensions experts Mercer.
Aon analyses USS’s decision not to carry out a 2021 valuation
Aon, UUK’s actuarial advisors, have published their analysis of whether carrying out a 2021 valuation of the scheme would have led to a different outcome. They conclude that the differences are relatively small and that ‘carrying out a 31 March 2021 valuation would only be worth the distraction and cost if the outcome for contributions/member benefits would be different’.
A reminder of where to find resources and practical help to keep you informed
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.