The statement following the ninth meeting between the University and College Union (UCU), Universities UK (UUK) and Universities Superannuation Scheme (USS) in relation to the recommendations of the Joint Expert Panel's (JEP) second report has been published.
The statement from chair of the JEP Joanne Segars, which can also be found on the JEP website, is as follows:
The tripartite group received a brief update on the valuation discussion document which had been issued by the Trustee.
The tripartite group considered the JNC Effectiveness Group’s (JNCEG) report. This report set out a number of options to improve the effectiveness of the JNC, including the pros and cons of those options. The starting point for this piece of work had been the JEP’s second report, but the JNCEG’s
work was not constrained by the JEP’s report. The report set out options covering a wide range of issues relating to the current operation of the JNC and how that might be enhanced.
Following on from its consideration of the JNCEG’s report, the Tripartite Group held a discussion on the JNC’s effectiveness as a result of which a second piece of work was commissioned from the JNCEG.
This second piece of work asked the JNCEG to undertake a more in-depth piece of analysis to diagnose the JNC’s effectiveness (or otherwise) and to consider the factors that have hindered its effectiveness. In other words, it asks the JNCEG to consider why the JNC is not operating effectively as might be desired. It was proposed that this assessment should take place against the three core functions of the JNC: acting as a check and balance to the Trustee in certain areas; rule changes; and deciding on contribution increases or decreases and/or benefit changes where the cost-sharing provisions are invoked following a valuation. The JNCEG was also asked to consider what “good” might look like in terms of a high-functioning JNC. This exercise would also be undertaken by the stakeholders and the Trustee for discussion at a future meeting.
Finally, it was agreed to seek dates for future meetings in June.