Commenting on the latest joint statement between Universities UK (UUK) on behalf of USS employers, and the University and College Union (UCU), representing scheme members, Vivienne Stern MBE, Chief Executive of Universities UK, said:
“We are delighted to have been able to agree on an outcome for the 2023 USS valuation which will be good for all members of the UK’s largest private pension scheme, and which will bring down costs for both members and employers. This has been possible largely as a result of dramatic changes in economic conditions since the last valuation, including high interest rates, combined with the commitment from employers for additional financial backing – or covenant support.
“When the scheme was in deficit in the past, we took steps to stabilise it. Now that it is in better shape, we are pleased that we can agree to pass on the benefits of the improved position through lower contributions and improved benefits. It is vitally important that we stabilise the scheme to avoid future fluctuations in its fortunes. The projected surplus in the scheme is an important protection, but we need to continue to work, with renewed momentum, towards arrangements which will provide longer term stability.