The USS Joint Negotiating Committee has made a decision on how to conclude the 2018 valuation.
The increase in contributions will be shared in line with the proposal made by Universities UK (UUK) on behalf of employers – 21.1% for employers, and 9.6% for members.
A Universities UK spokesperson, on behalf of USS employers, said:
“Today’s decision by the USS Joint Negotiating Committee ensures that members' benefits are protected at current levels with the increase in costs shared 65% by employers, and 35% by members. The decision means that the planned hike in contributions for members and employers that was due to take place from October will be avoided. Instead, a more manageable level of contributions will be in place until October 2021.
“This provides a fair, short-term solution, acceptable to The Pensions Regulator and the USS Trustee, which allows time for the Joint Expert Panel to suggest options for the longer-term. We look forward to working with UCU to jointly consider options for the 2020 valuation.”