USS pension – further information
05 Mar 2021
Universities UK Chief Executive publishes blog on growing challenges for USS and USS to hold member webinar giving valuation update
There is further information for Universities Superannuation Scheme (USS) members following this week’s pension update.
The USS 2020 valuation, used as the basis for negotiations on how much employees and employers will pay in contributions and/or how benefits to members may have to change, is significantly worse than the previous one in 2018. The upper end of the pricing range is now around 56% of salary and the lower end circa 42%. The current rate is 30.7% (21.1% paid by employers and 9.6% paid by employees).
Universities UK (UUK), representing the 340 employers in the scheme, has called for “a stronger and clearer justification from the USS Trustee for the very high pricing decisions. Without this justification, employers and scheme members will be concerned that the scheme is facing an unnecessary level of reform”.
Its Chief Executive Alistair Jarvis has written a blog further discussing this, ‘The growing challenges facing USS’.
The USS is also holding a Valuation Update webinar for members, on Wednesday, 10 March.
USS Chair Dame Kate Barker and Chief Executive Bill Galvin will give an update on the 2020 valuation and share next steps. They will discuss the 76.1 report, an important milestone in the 2020 valuation that sets out the contributions it needs from members and employers to continue to provide the current level of benefits. You’ll also be able to ask Dame Kate and Bill questions.
To attend you must register at: