In preparation for the 31 March 2026 valuation , the USS Trustee has shared a paper entitled Charting a course for the USS 2026 valuation with scheme stakeholders (January 2026).
Over the coming months, UCEA wishes to explore and test employer views on the forthcoming valuation of USS. The USS paper provides a useful starting point, helping to build knowledge and understanding at this early stage, ahead of the formal valuation consultations currently planned for the summer.
The issues and potential outcomes are quite detailed. To assist employers with considering the potential choices and trade-offs, we have asked the UCEA actuarial advisor, Aon, to provide a note on the matters raised in the USS paper and in the reports on the exploratory work on Conditional Indexation.
UCEA is seeking early employer engagement on funding, stability, contributions, benefits and Conditional Indexation - informed by recent USS analysis and joint exploratory work - with views requested by 27 March 2026.
The consultation materials can be downloaded below.
