Universities Superannuation Scheme (USS) members will be aware from previous updates on the 2017 scheme valuation that member and employer contributions are due to increase in the coming months, starting from April 2019.
2017 scheme valuation
In line with legislation, USS are required to consult with employers about changes to contributions/benefits and do so through Universities UK (UUK), which is the sector’s representative body. We in turn have fed back to UUK our concerns with the USS proposed course of action – download our formal response . We realise that there are some technical details included within the document but wanted to be transparent about what we have issued and keep staff informed of developments.
2018 new scheme valuation
USS is also consulting employers on the 2018 scheme valuation (put in place to consider the points raised by the Joint Expert Panel). Staff are reminded that in the JEP report the panel suggested changes in four areas with the result that contributions, whilst increasing, would do so at a significantly lower rate than if the cost sharing rates (arising from the 2017 valuation) are implemented in full. We are currently reviewing the USS 2018 valuation material (which centres on the employers’ attitudes to risk) and will continue to keep staff informed of any relevant developments.
If you have any queries in the meantime, please contact hr dot pensions at warwick dot ac dot uk