This page draws together the statements and outcomes of the tripartite talks taking place between senior representatives of Universities UK (UUK), University and College Union (UCU) and Universities Superannuation Scheme (USS).
Senior representatives from UUK, UCU and USS have been meeting regularly during 2020 to discuss reform to the USS pension scheme. The talks are facilitated by the chair of the Joint Expert Panel (JEP), Joanne Segars.
The tripartite talks have been constructive and focussed on building a common understanding on the future of the scheme, the 2020 valuation and governance issues. The encouraging progress has been shared in jointly published statements, which are linked to below, and available on the JEP website.
To date, progress has been made in the following areas:
- A new scheme purpose statement has been drafted;
- Shared valuation principles have been developed;
- A 2020 valuation methodology discussion forum has been established, with representation from the USS Trustee and nominees from UCU and UUK;
- There has been enhanced engagement and visibility of USS Trustee Board members, through regular attendance at JNC meetings, good engagement with the tripartite talks and with the commitment to direct early engagement with stakeholders on the valuation methodology;
- There is a commitment from USS to fully explore a Dual Discount Rate as part of the development of the 2020 valuation methodology;
- A shared desire to review the effectiveness of the Joint Negotiating Committee (JNC), with joint work on options analysis to commence during February;
- Agreement to establish a strategic discussion forum, with senior representation, to meet at least twice yearly, to consider longer term issues.
Links to statements and related documents
Useful links and documents:
- A summary of each stakeholder involved in these talks
- The second report of the JEP (PDF)
- Glossary of key terms
15 January 2020: statement
17 January 2020: statement
23 January 2020: statement
27 January 2020: statement
29 January 2020: statement
11 February 2020: statement
25 February 2020: statement
More meetings of this group are due to take place through February and March.