Statement of the fifth meeting of the tripartite group

11 Feb 2020

The statement following the fifth meeting between the University and College Union (UCU), Universities UK (UUK) and Universities Superannuation Scheme (USS) in relation to the recommendations of the Joint Expert Panel's (JEP) second report has been published.

The statement from chair of the JEP Joanne Segars, which can also be found on the JEP website, is as follows:

"The Tripartite Group continued to hold productive discussions.

The Group noted the progress that had been made regarding the creation of the Valuation Methodology Discussion Forum which the Trustee had established to support and inform the development of the 2020 valuation. It was noted that this Forum would meet for the first time at the beginning of February. The Group also discussed progress with the development of the JNC reform work stream.

The group went on to further consider a definition of sustainability. All parties considered this to be an important concept in the operation of the Scheme and that it would be helpful if the parties could coalesce around a common definition and have greater clarity to build a common understanding. The group considered the core components of sustainability for a scheme such as USS. It was agreed that the group would return to the issue.

It was agreed that further consideration of the question of sustainability would be considered that the next meeting. It was also agreed that future meetings would consider how to rebuild trust and confidence. The group also agreed to hold a discussion on responsible investment, noting that this was an important issue for members."

The sixth meeting took place on 11 February and a statement from that meeting is expected soon.