Joint Expert Panel announces second phase of its work

5 Feb 2019

The Joint Expert Panel (JEP) has today published a call for submissions for the second phase of its work.

The Panel was established in May 2018 to examine the valuation of the Universities Superannuation Scheme (USS). Its first report – published in September 2018 – recommended possible ways of reducing the deficit and the cost of future defined benefit provision.

The second phase of the panel’s work will begin by reviewing the governance and valuation process of USS. This will include consideration of the involvement of stakeholders, the interaction of the various bodies with a formal role in the valuation process, and achieving effective engagement with members and employers.

Later this year the panel will consider how the long-term sustainability of the scheme can be secured through the development of a shared set of principles, and will revisit the valuation of technical provisions and other aspects of the valuation methodology.

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  1. The Joint Expert Panel is led by independent chair Joanne Segars OBE and has six panel members nominated in equal numbers by UCU and UUK.
  2. USS is one of the largest private pension schemes in the UK and is the principal scheme for academic and comparable staff in UK universities and other higher education and research institutions. 
  3. Universities UK represents the collective view of more than 350 USS employers. UCU represents the interests of USS members.