USS consults with UUK on funding arrangements to conclude the 2017 valuation
11 Jan 2019
USS formally consults with UUK to conclude the 2017 valuation
Following the consultation with affected employees which ran from September to November 2018 the USS Trustee has confirmed its desired approach to the conclusion of the 2017 actuarial valuation.
In line with this approach, the USS Trustee has now sent a formal letter to Universities UK (UUK) which is the employers’ representative body in USS for these purposes. The letter includes the following documents and formally starts a consultation between the USS Trustee and UUK on:
- a revised Schedule of Contributions to confirm the contributions coming into effect from 1 April 2019;
- the proposed recovery plan for responding to the deficit assessed by USS Ltd as at 31 March 2017.
Both documents confirm the same contribution arrangements as proposed in the recent consultation with affected employees.
In order to prepare a response which reflects a consensus view, UUK welcomes input from all USS employers. This consultation with USS employers will run until Friday, 11 January 2019.
The University’s response to this consultation will be available on StaffNet next week.
UUK have instructed the USS actuarial advisers, Aon, to prepare a short advisory note on the consultation materials.
This consultation on matters relating to the 2017 valuation will be followed by further consultation on the proposed approach for a 2018 actuarial valuation.