Universities UK has written to the USS Trustee with a summary of employer responses to the 2020 valuation technical provisions consultation.
Responses were received from employers representing approximately 88% of the scheme’s active membership, and headline comments include:
- The approach chosen by USS Trustee for presenting its proposals is unhelpful and employers found it incredibly difficult to make sense of the consultation material.
- The trustee’s covenant assessment, its proposed rule change and debt monitoring arrangements, and recovery plan need to be resolved before employers can make informed judgements on the valuation.
- Further information is needed from the trustee on the wider perspective as many employers noted that it was impossible to answer questions in isolation, and these should be looked at within a more comprehensive picture
Download the full response below.