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Universities Superannuation Scheme (USS) update

29 Jan 2020

Joint Expert Panel (JEP) releases statement on its second report (JEP2) from tripartite talks

As previously reported, Universities UK (UUK), the University and College Union (UCU) and the USS trustee are holding five meetings to discuss the USS pension fund during January.

The meetings, facilitated by Joint Expert Panel (JEP) chair Joanne Segars, are to agree the approach for progressing the recommendations from the recent second report from the JEP

The JEP has now released its statement following the second meeting, along with an agreed purpose statement and shared valuation principles.

The full statement, purpose statement and valuation principles can also be found at:

The Joint Expert Panel’s (JEP’s) second report is welcomed by Universities UK and we believe that it can play a helpful role in building greater common understanding between employers, members and USS. 

UUK is gathering views of employers on recommendations in the JEP2 report, to understand how these might be implemented in the context of the 2020 actuarial valuation and in supporting the long term viability of USS.  There are three consultations planned for this year with employers, the first consultation runs until 28 February.