“The role of USS employer representative has been the subject of discussion for some time and was commented on by the Joint Expert Panel (JEP) in its second report in 2019. JEP was clear that it is usually the case that pay and pensions are determined by the same body, and that this could provide a more logical structure of responsibilities within the sector.
“Following extensive engagement with employers and other stakeholders including USS and UCU, the transfer has now been ratified by the Boards of UUK and UCEA and is underpinned by a sustainable funding model. We continue to work closely with USS to ensure the regulatory requirements are correctly followed for transfer completion. The proposed transfer will now be put to the Joint Negotiating Committee which will be asked to support a USS rule change to allow the transfer to be concluded, expected around May 2024.
“The change will not adversely affect engagement with USS employers. The 330 USS employers will be consulted effectively, as they are now, and existing UUK staff in the USS Employers pensions team, currently employed by UUK, will transfer to UCEA along with the ‘USS Employers’ brand and website. Both organisations will continue to work together to ensure that the transfer is as seamless as possible, seeking to enhance existing and planned work. In the meantime, UUK will ensure that the immediate focus remains on the crucial work of concluding the 2023 valuation process, so that proposed contribution and benefit changes can be implemented as soon as possible.”