University response to Universities Superannuation Scheme consultation
31 Jul 2019
Setting out our position on Universities Superannuation Scheme (USS) contributions
Earlier this month we responded to a request from Universities UK (UUK) for further consultation on our views on USS contributions, as part of sector-wide discussions.
The response from our University reiterates our support for the third of the options presented by USS: ‘Contributions of 30.7% (21.1% for employers and 9.6% for employees) to apply from October 2019, with a 2020 (rather than 2021) valuation. Should no agreement on the contribution rate from the 2020 valuation be implemented before October 2021, the contribution rate would rise to 34.7%, expected to be 23.7% for employers and 11% for employees where the increased cost is shared 65:35.’
Along with the majority of other employers in the USS, we believe that this is the best option for our staff and the financial stability of our University.
Finalising Option 3 is based on a number of conditions issued by the USS Trustee, so UUK began a further period of consultation with employers, running from 28 June to 16 July. These conditions relate to the ability of employers to exit the scheme, the taking on of new debt, and the monitoring and reporting of existing debt.
Our response is published in full here.
The overall response from UUK, on behalf of the sector, is due to be considered at the USS Trustee Board meeting on 31 July. UUK have published this on their website.
We know that this is an important issue for many colleagues and we will continue to keep you updated.
Director of Finance