The USS timeline 2021
03 Mar 2021
Key dates in this year’s Universities Superannuation Scheme 2020 valuation
This year is another important one for the Universities Superannuation Scheme which is scheduled to culminate in October with likely changes to how much employees and employers contribute.
Our University negotiates as one of 340 employers through Universities UK and we will continue to keep you updated. This is how the timetable currently looks, though it is subject to change.
The next stage
USS has produced a valuation report, which Universities UK, which negotiates on behalf of the 340 employers, has expressed concerns about. The valuation is an assessment of the scheme’s overall financial health.
The valuation report will be sent to the Joint Negotiating Committee (JNC), which is made up of representatives from UUK and the University and College Union (UCU) with an independent chair. This group negotiates on any changes to the scheme – including how much employees, and employers pay (currently 9.6% of salary for employees and 21.1% of salary by employers).
March to April
UUK will consult with employers in order to gain a mandate for the JNC. As always, our University will publish this response for all staff to see.
March to May
The JNC will meet.
This is the statutory deadline to file the valuation with The Pensions Regulator. This body supervises all pension schemes that provide defined benefits to ensure that they are safe and secure.
September to October
Employers, through Universities UK, will consult with affected employees and representatives on proposed changes. We will make sure you are fully informed and have an opportunity to contribute to this.
Contribution increases (scheduled under the 2018 valuation) to apply while the necessary statutory consultation processes following a JNC resolution are completed.
October 2021 to April 2022
Whatever the final result of the negotiations, we will continue to communicate any changes that affect colleagues and our University.
Keeping up to date
From time-to-time USS emails information to members, so please ensure you look at these messages carefully. There is also a Facebook group run by USS. Regular updates and information are posted on the USS Employers website, which also has a Twitter account.
Our University will be keeping all colleagues up to date and there will be opportunities to ask questions of senior leaders at events like the SLT, PSLT and Faculty open meetings.