2018 valuation: recovery plan and schedule of contributions consultation

27 Aug 2019

On 22 August the Joint Negotiating Committee (JNC), decided that no benefit changes should be made in response to the total contribution rate for the 2018 valuation (30.7% of salary), and that the change in the rate should be shared 65:35 between employers and members respectively (21.1%, 9.6% from October 2019).

The USS Trustee has now contacted Universities UK (UUK) to formally commence a consultation on the proposed recovery plan for responding to the deficit assessed by it as at 31 March 2018, and on a revised schedule of contributions to confirm the contributions coming into effect from 1 October 2019. 

This consultation with employers is open until Monday 9 September 2019, to allow time for UUK to consider the responses and formally respond to the USS Trustee no later than 11 September 2019. In order to prepare a response which reflects a consensus view, UUK welcomes input from all USS employers.

The full consultation materials, including a short advisory note prepared by UUK's actuarial advisers, Aon, can be downloaded below.