Possible changes to USS
The University has learnt of possible changes to the USS pension scheme.
The last triennial valuation of the Universities Superannuation Scheme (USS) at 31 March 2011 showed that USS's liabilities exceeded its assets by £2.9billion, and changes to benefits and contribution rates were made as a result.
It is expected that despite the changes put in place at that time, the triennial valuation at 31 March 2014 will show a significantly higher deficit than in 2011.
The Employers Pension Forum, set up by the employers' representative bodies Universities UK (UUK) and Universities and Colleges Employers Association (UCEA), is currently in dialogue with the USS Board of Trustees and University and College Union (UCU) to seek the best way to address the ongoing deficit, and has put forward a proposal for amendments to the scheme’s benefit structure.