Our response to the publication by #USS of its Accelerated Year-end Review briefing on the funding position as of 31 March 2022 โก๏ธ https://t.co/cLcseIcnsx
UUK has today started an initial consultation with employers on the approach to a governance review of USS to be carried out with independent expertise. UUK has written to the UCU inviting them to play an active role in the review. https://t.co/7ASWuSr3yi #USS
Employers chose to lessen the impact of rising inflation on members by agreeing to defer the application of the 2.5% inflation cap up to and including the increase due in 2025.
More detail in our letter to UCU on the changes: https://t.co/fedorScVnv
4/4
The employer proposal secured a viable and implementable solution to the 2020 valuation, which retains a significant element of defined benefit within the future pensions earned by members. We have not made misleading claims.
1/
Irrefutable analysis by Grant et al just published showing the devastaing impacts of the April 22 cuts to future @USSpensions. Shows the real cuts that will be imposed and how @UniversitiesUK have repeatedly made misleading claims @BrightonUCU
https://t.co/dZHremdbXJ
We've just published an update that addresses our interim, indicative monitoring of the scheme's funding position. You can read it here: https://t.co/KFRXeuGX3j
#USS:
"Even allowing for the same level of covenant support as is supporting the revised benefit structure from 1 April 2022, the indicative contribution rate required for the pre-1 April 2022 benefits would be 38.9% โ 41.5% (future service cost 38% and deficit of ยฃ3.6bn)."
2/2
"We remain open-minded about the optimal timing for the next valuation and look forward to seeing the more in-depth analysis of the position at the end of March 2022, which should be ready in May."
5/5 #USS
"Should the conditions seen in the last month prevail at the next valuation, it may be possible to reduce contributions or increase benefits or some combination of both."
4/