UUK response to UCU claims on USS funding position

31 Mar 2022

Commenting on claims from the UCU related to the USS Trustee’s latest monthly monitoring report of the scheme, a Universities UK spokesperson, on behalf of USS Employers said:

“USS made clear this week at the Joint Negotiating Committee that without the latest reforms we would not have seen such an improvement in the funding position, which remains very volatile month-to-month. The USS Trustee has also indicated that the required rate for previous benefits would likely be in excess of 40% of salary – even with the same level of covenant support employers have pledged under the package of reforms.

“Should the conditions seen in the last month prevail at the next valuation, it may be possible to reduce contributions or increase benefits or some combination of both. We remain open-minded about the optimal timing for the next valuation and look forward to seeing the more in-depth analysis of the position at the end of March 2022, which should be ready in May.”