Employer consultation on Schedule of Contributions, Recovery Plan and Statement of Funding Principles for 2020 USS valuation

14 Sep 2021

The USS Trustee wrote to Universities UK on 6 September 2021 to formally start a short consultation on the proposed Recovery Plan for repairing the deficit assessed at 31 March 2020, and on a revised Schedule of Contributions to confirm contribution rates that will apply from 1 October 2021. The USS Trustee is simultaneously consulting on the Statement of Funding Principles 

Universities UK, who as the employers’ representative is assisting employers with the consultation, has circulated an explanatory note written by actuarial advisers Aon, to help with any comments employers may wish to reflect back to the USS Trustee.

USS has also set out answers and important clarifications in some frequently asked questions associated with this consultation, and also on the next stages of the valuation process.

The employer consultation asks for comments on the proposed recovery plan, the schedule of contributions and the statement of funding principles relating to the 2020 actuarial valuation. This consultation with employers will run until Monday 20 September 2021 and employer responses should be sent to pensions@universitiesuk.ac.uk by that date.

The full consultation materials can be downloaded below.