Following the University and Sussex UCU joint communications in September, as well as the Universities UK and UCU joint statement on joint working at national level, the University Executive Team (UET) and Sussex UCU are pleased to update you on the results of their ongoing joint working on USS (the Universities Superannuation Scheme).
At the end of October 2023, all USS employers were invited to feed back on the final elements of a proposed package of responses to the March 2023 valuation of the USS pension scheme, which had been negotiated nationally with UCU. The joint UET-UCU USS Working Group conferred, and while some disagreements remained, UET confirmed that it was proposing to support the package, which was welcomed by Sussex UCU.
The proposed changes were overwhelmingly supported by USS employers. UCU members similarly overwhelmingly voted to accept the proposals and these measures are now being put in place, subject to the statutory USS member consultation that closes on Friday 24 November.
In addition to previously agreed increases in benefits from April 2024 and reduced contributions, the key component of this new short request for feedback from employers was a proposal to augment benefits for the period April 2022 to April 2024. USS is now seeking to implement this on the accelerated 2023 valuation timetable which UET and Sussex UCU have consistently and strongly advocated. USS has communicated directly to members on the planned implications for their pension and the timing and you can read the USS FAQs here.
These steps will bring the 2023 valuation to a rapid conclusion which will benefit both staff and employers, assisted by successful joint working at national level and local level between UET and Sussex UCU. This will continue into joint work on the post-valuation steps on a number of important initiatives, including the forthcoming investment consultation, future stability of the scheme and a governance review.
USS member consultation
Colleagues who are, or who are eligible to be, members of USS will have seen an email 22 November reminding them that the member consultation on future benefits and contributions closes at 5pm on Friday 24 November 2023. UET and Sussex UCU encourage you to share your views if you have not done so already. Please visit the consultation website to take part. The login process is detailed on the consultation website. Any views you give on the website will be anonymous.
All the consultation responses will be reviewed in advance of the next USS Joint Negotiating Committee meeting on 18 December 2023 that is set to formally confirm the full benefit package.
Deputy Vice-Chancellor and Provost Professor Michael Luck said “It has been very rewarding to work so closely with our local UCU branch on the response to the USS valuation. Our constructive working relationship has brought benefits for staff and I am looking forward to continuing to work together on the post-valuation steps.”
Jo Pawlik, Sussex UCU President, said: "The joint work across campus and with UET to build trust over USS has been very good to see. These have been tough years of disputes and I know firsthand how hard it’s been for members. Seeing our future pensions restored along with recovery for the two years of lower benefits is the outcome we wanted, but lessons must be learned both for future USS valuations and the wider pensions landscape. We look forward to ongoing collaboration with UET and will continue lobbying nationally for dignity in retirement for everyone."
Read more on Sussex UCU’s work on USS.