Overview of the Joint Expert Panel (JEP).
The Joint Expert Panel (JEP) has published its final report on the USS valuation. This estimates a lower rise in contributions than currently being consulted on and the report also identifies scope to adjust a number of the valuation assumptions.
The Joint Expert Panel was established by Universities UK and UCU and received the support of USS employers and UCU members. The JEP outlined the scope of the panel in their terms of reference.
- Purpose of the panel
The panel will:
- make an assessment of the 2017 valuation
- focus in particular on reviewing the basis of the scheme valuation, assumptions and associated tests
- agree key principles to underpin the future joint approach of UUK and UCU to the valuation of the USS fund.
The panel will take into account the:
- unique nature of the higher education sector, intergenerational fairness and equality
- clear wish of staff to have a guaranteed pension comparable with current provision whilst meeting the affordability challenges for all parties
- current regulatory framework.
- Ongoing discussions
Parallel discussions will continue between UUK and UCU on:
- comparability between the Teachers' Pension Scheme (TPS) and USS
- alternative scheme design options
- the role of government in relation to USS
- the reform of negotiating processes to allow for more constructive dialogue as early as possible in the valuation process.
- JEP meeting minutes