Universities Superannuation Scheme (USS)
As you will have seen from the Vice Chancellor’s message on Wednesday, the Universities Superannuation Scheme (USS) has issued a new valuation.
The goal of the valuation is to assess the scheme’s assets and liabilities as of 31st March 2020. As the Vice Chancellor pointed out, pension funds are legally required to conduct valuations every three years. USS last undertook a valuation two years ago. Consequently, this valuation, the date of which coincided with perhaps the most uncertain point of the pandemic, is not required to take place for another year.
USS has used a valuation method very similar to that proposed in September 2020. In its response to these proposals, Universities UK (UUK), the group which speaks on behalf of universities like Loughborough, described the valuation method as “extremely unhelpful”, “unreasonable”, “unrealistic”, “incredibly conservative” and “unjustifiable”. UUK concluded that USS was making “extreme and unwarranted” proposals. Remarkably, the proposals issued on Wednesday are actually more extreme than those which prompted these unrestrained remarks.
UCU agrees with UUK’s criticisms of the valuation method. We continue to believe that the recommendations of the Joint Expert Panel, which was set up by UCU and UUK following the 2018 industrial action, should be implemented.
The branch is engaging with management colleagues here at Loughborough. A report will be provided at the forthcoming AGM and members will have the opportunity to pose questions to our Pensions Rep, Matthew Inglis.