USS pension: Our University submits consultation response
10 Nov 2020
Message from Karen Heaton, Director of Human Resources
Pensions, and their additional benefits such as death in service and ill health payments, are a significant part of our employment package and we recognise their importance in recruitment and retention.
Our University has submitted its response to Universities UK as part of a Universities Superannuation Scheme (USS) consultation on the technical provisions. This is part of the 31 March 2020 actuarial valuation requirements which assess the long-term financial condition of the Scheme.
Our submission, combined with those of other employers in the scheme, will form a response from Universities UK to the Trustee of USS this month.
Our response emphasises the importance we place on the Scheme, in particular, retaining its attractiveness to a wide range of staff and its affordability for individuals and employers. It also addresses some concerns our University has with the consultation process.
The deficit of the fund is estimated to have increased substantially since the 2018 valuation, so we need a new and more collaborative approach to deliver a pension that is valuable, sustainable in the long-term and affordable to employees and employers.
The contributions from individuals and universities have been increasing over recent years. It is also extremely concerning that around 20% of eligible staff across the UK are opting out of the scheme. This is particularly true amongst younger colleagues.
We are seeking to arrange a presentation for colleagues with an independent expert and we will continue to keep you updated on all developments regarding USS.
Director of Human Resources