This page was updated on 4 and 24 July 2019 to include additional documentation.
Universities UK (UUK) has launched a consultation with USS employers over the additional conditions required by the USS Trustee to conclude the 2018 valuation.
Earlier this month, employers indicated their wish to further explore 'Option 3' as a potential outcome to the 2018 actuarial valuation, subject to further detail being provided on the additional conditions required by the USS Trustee. Following engagement with UUK, the USS Trustee has now provided the details of these conditions, which relate to the ability of employers to exit the scheme, the taking on of new debt, and the monitoring and reporting of existing debt.
Employers are now being asked whether they can support the proposals in order to proceed with Option 3. The Trustee explains in its documents that if the proposed package of measures were not to be implemented, the Trustee would need to re-evaluate the options for concluding the 2018 valuation, with the expectation that the outcome would be, at best, in line with 'Option 1' (a combined contribution of 33.7% of salary).
Employers are asked to give initial views on these issues by no later than midday on Tuesday 16 July 2019, so that a view can be presented to the USS Trustee board ahead of its meeting on 17 July 2019.
UUK would then plan to take the formal consensus view of employers into the planned meeting of the Joint Negotiating Committee on 24 July 2019.
Download the consultation documentation below.