Finance

USS

USS News

 

Update 21 February 2022

In response to the UUK consultation on the UCU proposal put forward to conclude the USS 2020 valuation, the University has responded as follows: The University of Edinburgh is strongly supportive of further discussions and engagement with UCU to seek collective agreement to a sustainable and affordable scheme for its members.  While we do not think that the current UCU proposal best meets these objectives, we are keen that UUK and UCU continue to work together to find an agreed way forward.   

 

Update 9 February 2022

In response to the question from UUK to ask if Universities would be supportive of a modification to the proposed changes to future benefits to introduce a temporary cap transition, the University has stated that it is supportive of the proposed modification.

 

Update at November 2021

Letter to UUK from UCU can be found here:

 

Response from UUK to UCU can be found here:

 

Update at September 2021

The University’s response to employer consultation on Schedule of Contributions, Recovery Plan and Statement of Funding Principles for 2020 USS valuation is as follows:- “The University of Edinburgh supports the JNC decision and recognises the trustee’s need for the proposals around the dual-rate SOC (though we believe this end-level of contributions to be unaffordable to both employees and employers), recovery plan and Funding Principles. In addition, the University of Edinburgh accepts the additional support measures regarding debt monitoring, pari passu arrangements and the moratorium on leaving the scheme”  

The latest update on the USS 2020 valuation can be found here:

https://www.uss.co.uk/news-and-views/latest-news/2021/09/09012021_2020-valuation-update-31-august-2021    

Update at May 2021

The University’s response to the UUK employer consultation on USS valuation can be found here:-

Update at November 2020

The University’s response to the USS Technical Provisions consultation can be found here:-

 

Update at August 2020

Update at May 2020

Update at February 2020

Update at September 2019

The University of Edinburgh confirms that it agrees with the proposed revised Schedule of Contributions as per the UUK consultation of 23 August 2019.

Update at July 2019

 

Update at June 2019 The University’s response to the letter received from UCU is noted here

 

Update at May 2019

The University's response to the consultation on three options for concluding the 2018 USS valuation.

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Update at March 2019

UUK USS Consultation – The 2018 actuarial valuation and the provision of contingent support.  University of Edinburgh Response, 13 March 2019

 

Update as at January 2019

On 22 November the USS Trustee confirmed its desired approach to the conclusion of the 2017 actuarial valuation.  In line with this approach, a consultation on the proposed recovery plan for responding to the deficit assessed by the Trustees as at 31 March 2017, and the revised schedule of contributions to take effect from 1 April 2019, commenced with employers in December and ran until 11 January. 

You can view the University’s response to this consultation here :- 

 

In November 2018 the USS Trustee also announced that it would commence a new valuation of the Scheme in order to properly consider feedback from the USS employer following the stakeholder panel’s recent review of the 2017 valuation.  On Wednesday 2 January 2019 USS began a consultation with Universities UK (UUK), which acts on behalf of employers, on the Technical Provisions for the 2018 valuation.  The consultation is due to run until 28 February and we will update this webpage with any relevant detail as soon as we can.

 

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Update as at November 2018 Please see attached response from the University of Edinburgh to the UUK consultation questions on the Joint Expert Panel (JEP) report.

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Update as at September 2018

The USS Employer Consultation on the cost-sharing proposal commenced on 3rd September and will run to 2nd November.  USS members should have received consultation documentation that explains the proposals in more detail.  If you have not received a consultation document please contact the pensions office at finance.helpline@ed.ac.uk

The University has begun a series of roadshows to provide more information to staff about saving for retirement, the current USS valuation position, and what the consultation means for members.  For those members not able to attend a roadshow, a video of the presentation can be viewed here:-

Media Hopper - Finance

Presentation slides

USS members are encouraged to give feedback to the proposals and can do so by logging in to the consultation webpage at https://www.ussconsultation2018.co.uk/members

The website also has more information about the impact of the cost sharing for members, along with a frequently asked questions section and some helpful videos explaining the valuation in more detail.

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Update as at May 2018

USS Member Consultation

The proposed changes to the scheme that had been put on hold earlier in the year have now been revoked.  Please destroy the consultation documents that were previously sent to you as they are no longer valid. UUK and UCU have now committed to establish a separate Joint Expert Panel to review the 2017 valuation, and the USS Trustees intend to engage constructively with this new panel.  USS has produced an update for members that can be read at https://dmtrk.net/2PRX-PBPI-9420B8WZAC/cr.aspx

UUK has also updated its FAQs for USS members, including information on the Joint Expert Panel and you can view these at http://www.universitiesuk.ac.uk/policy-and-analysis/Pages/pensions.aspx

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Update as at 23 February 2018

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Update at 16 February 2018

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Update as at 1 February 2018

 Please find attached additional documentation produced by UUK in relation to the proposed USS benefit reforms:-

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Update as at 1 December 2017

Many of you will be aware that there are important discussions taking place on how best to ensure the future sustainability of the USS pension scheme. Universities UK, who represent employers, have proposed changes to the USS pension scheme and we have set these proposals out at the link below.

Communication from UUK on USS valuation

There will be further negotiations with the Trade Unions in a series of joint meetings and we currently expect final proposals to be made by the beginning of next year.  At that point, there will be a formal consultation with staff and we have asked that there should be good, clear explanations of what is finally proposed to enable staff to work out what it means for them in terms of their future pension provision.

Some background information is available in the documents below for those who may have questions about the USS valuation process or who seek further information about what the proposals may mean in practical terms.  We will update this page with news about USS as developments occur.

Links to:-

Email from Professor Charlie Jeffery

UUK website showing the press release doc

USS valuation Q&A document

Who’s involved document

USS website valuation page

 

 

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