USS updates - May 2015

Introduction

The triennial valuation of the USS as at 31 March 2014 showed a considerable on-going scheme deficit. During 2014 and 2015, the employers (represented by Universities UK) and the University and College Union and the USS Trustee Company have worked together constructively to consider what approach is needed to address the USS funding position and deficit, including considering the necessary changes to the scheme’s future benefit structure. The employers’ objective is for the USS to remain affordable, attractive and sustainable for both employees and employers, while addressing the deficit and reducing the risk of future contribution increases.

As your employer we wish to ensure that you have all the up to date information so that you are kept fully informed of the ongoing situation. Further information about the proposals, the time lines for meetings and communications from others can be found using the resources below.

USS proposed changes – member consultation

A proposal to change future pension benefits provided by Universities Superannuation Scheme (USS) has been put forward by the scheme’s Joint Negotiating Committee. For changes of this kind, employers are required to carry out a formal consultation with affected employees and their representatives. This consultation will start on 16 March 2015 and run until 22 May 2015.

Consultation packs will begin to be sent out to members of USS, and other staff who are eligible to join USS, by the end of the week commencing 9 March.

Please read these carefully. For further information, please contact Human Resources.

For further information about these proposals, see the January 2015 Proposals and the At a glance guide.

Full information (and a benefit calculator) is available on the USS Consultation website at www.ussconsultation.co.uk, where you can also submit comments online.