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.