Consultation: questions you might ask. These are questions which you should consider, in the light of your own understanding of the USS valuations, and the information and mis-information which has been circulated. You can then select questions to contribute to the consultation, as well as questions to ask of your university, if you are not at one of the universities such as Warwick and Imperial College, which have already challenged the assumptions behind the proposals. More background is given on Dennis Leech's blog. New scheme and benefits What happens to the death in service benefit? What is the current cost of administering the system? What is the cost of implementing the USS proposals? What is the cost of DC: 4% is mentioned in the USS modeller, but it is not clear what the denominator is. If employers contribute 12% and employees 8%, a total of 20%, does 4% of salary go on cost of DC? Under DC, what is happening to the extra 6% of employers' contributions? How will the £55K cap be applied to part-time workers? How will the £55K cap be applied to casual workers? What if pay is just over the threshold, e.g. £55.5K - is it worth accummulating DC?Valuation: Why do you ignore the actual historical performance of USS investments? Why do you ignore the actual historical performance of salaries? What is the impact on the estimated actuarial deficit and valuation of varying the length of the recovery period to 20 years? Why do you not accept the Ernst & Young assessment of robust financial health for at least 20 years? Why have you decided that the sector only has a horizon of 17 years? What is the impact on the estimated actuarial deficit and valuation of using an ongoing valuation instead of a solvency or self-sufficiency valuation? Why was a self-sufficiency valuation used? Governance and related issues. What are the risks that the new computer system in USS will not be ready by 1 April 2016? What approach will be taken if the new computer system in USS is not ready by 1 April 2016? Why have trustees supported moving risk from the collective USS fund to individual members? Clearly a DC system moves risk to individuals. How much of your time does being a trustee take? We note the Trustees’ payments are in the annual report. [The highest paid in 2013/4 is Carter (£78k), then Harris (the chairman) £70k, Bull (£70k), Holmes (£55k).] Did you, as a trustee, allow false information on life expectancy provided by the USS group of the Employers' Pension Forum (EPF) to go unchallenged? Did you, as a part of [your university name] senior management, allow false information on life expectancy provided by EPF to go unchallenged? Can [fill in your university name] University accounting systems manage with the requirements of a DC system? How many of [fill in your university name] senior staff have opted out of USS as their pensions are too large to get tax benefits?