Universities Superannuation Scheme (USS) stakeholders have written a joint letter to The Pensions Regulator (TPR) about its Draft Funding Code of Practice consultation for Defined Benefit (DB) pension schemes.
The University and College Union (UCU) and Universities UK (UUK) joined USS in calling for the Draft Code to recognise the unique nature of USS among defined benefit pension schemes in the UK.
Stakeholders believe the circumstances of USS – including its open status, long-term horizons, and the strength and nature of the Higher Education sector that supports it – need to be better reflected in the Code.
The letter outlines shared views on the most critical aspects for USS and the changes and reassurances required.
This page was updated on 4 July 2023 to include the response from the Pensions Regulator