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End of term

The latest on the USS, a post-Covid campaign and universities in the media

The saga of the Universities Superannuation Scheme continues with its traditional Easter episode. Trustees of the scheme have refused to review its 2020 valuation until universities can agree on an alternative set of proposals for contributions and benefits.

In a letter seen by Research Professional News, USS chair Kate Barker told Universities UK president Julia Buckingham and chief executive Alistair Jarvis, as well as Employers Pensions Forum chair Adam Tickell, that the trustees had already taken time to “repeatedly explore and consider at a very granular level the pricing of the current benefits”. The valuation was based on deteriorating economic conditions and a weaker covenant than was expected for the 2018 valuation “due to the absence (or significant weakening) of the longer-term commitments we assumed, in good faith, would follow”.

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