Proposed changes to USS pensions
Universities UK (UUK) and University and College Union (UCU) have now appointed all their representatives for the Joint Expert Panel, including an independent chair, Joanne Segars OBE. They have also published Terms of Reference for the panel. The panel will meet regularly over the summer to review USS’s methodology and assumptions in the current valuation and consider questions raised by members and employers. The panel will report on the 2017 valuation in September 2018.
While, the Universities Superannuation Scheme (USS) trustee has committed to engaging constructively with the Joint Expert Panel, USS has also outlined the legal requirements the scheme must adhere to and proposed actions. This includes a proposal to implement rule 76.4-8 of the scheme from April 2019, which says that in the absence of any agreement a cost sharing process between employers and employees would be introduced.