Proposed positive changes to USS pension scheme benefits

There was a consultation on the proposed positive changes to USS benefits, and associated lowering of contribution rates, this was as a result of the much-improved funding position of the scheme, following the 2023 valuation.

The deadline for responses was 24 November 2023.

We were pleased to see the joint statement from UCU/UUK in October. That joint statement outlines UUK and UCU collaboration towards scheme stability, USS benefit improvements and reduced contribution rates which signals an agreed way forward to finalise the response to the 2023 valuation. We see this as a very positive development and again UCL is fully supportive. The statement outlines the proposed increase to benefits from 2024 which we know is crucial for our staff, the reduction in contribution rates to a much more affordable level (potentially brought forward to January 2024) and additional detail on the augmentation of benefits between 2022 and 2024.

Finally, given the potential for a positive outcome to the 2023 valuation in relation to benefit reform and lower costs, we were delighted to see the news that the UCU have voted to call off their dispute over USS. We recognise that this has been particularly difficult period for all parties involved and we sincerely hope that, given the emphasis on future stability, this will lead to a sustained period of improved USS benefits for our staff.

Donna Dalrymple, Chief People Officer
Mark Rice, Director of Reward and Pensions