The Valuation Methodology Discussion Forum (VMDF) was set up by the USS Trustee for the purpose of providing input and feedback on the trustee’s broad methodology approach for the 2020 valuation, to support the overall valuation process.
It was an extension of the USS Trustee’s Methodology Working Group, which had delegated authority from the trustee board to explore the valuation methodology and risk management approach for the 2020 valuation. The trustee wrote to the University and College Union (UCU) and Universities UK (UUK) in January 2020 to establish the VMDF and invite the stakeholders to nominate their representatives and actuarial advisers to attend. The VMDF met 11 times between 6 February and 13 July 2020.
The VMDF was a discussion forum and not a decision-making body. Its creation aligned with recommendations arising from the second report of the Joint Expert Panel (JEP) around valuation governance and alternative paths to the valuation.
In addition to the USS Trustee's consultation document on the 2020 valuation – which includes Appendix A: Trustee report on the VMDF activities – a number of other papers relevant to the work of the group can be downloaded below.