The statement following the seventh 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 discussed the work of the Valuation Methodology Discussion Forum (VMDF) which had held three meetings. It was noted that the Trustee planned to issue a discussion document on the valuation methodology shortly. Stakeholders emphasized the need for the discussion document and the valuation process to be, and be seen, as collaborative – noting that it is the Trustee’s legal responsibility to set the assumptions. The importance of this document was recognized by all members of the tripartite group.
The group noted that the JNC effectiveness workstream had held a ‘kick-off’ meeting. This had been a positive meeting. Further meetings were being arranged in order that the workstream could produce an options paper for the tripartite group.
The group continued its discussions on agreeing a common definition of sustainability. It was agreed this should include a clear commitment to the fact that the Stakeholders and the Trustee wanted a sustainable scheme and to define what that means. The tripartite group continued to refine the definition. It was agreed this should include the following features: affordability, stability, clarity, adaptability, relevance, and viability. It was agreed to review the statement further in order to clarify the positions of the Trustee and Stakeholders in the Scheme’s governance arrangements.
It was agreed to return to the question of trust, confidence and governance at a future meeting.
It was agreed that a report on the outcome of the UUK consultation exercise would be given at the next meeting.