2020 valuation: indicative timeline

1 Apr 2020

The below timeline includes known dates and milestones related to the 2020 valuation.

This refers to the USS trustee’s published timeline and highlights UUK’s three phases of consultation on both the second report of the Joint Expert Panel, and the 2020 valuation.

Further dates will be added as they are known, and will be subject to changes to the timeline made by the USS trustee.

For further information on the scheme's stakeholders, see 'Who is involved?'. Additional information can also be found in the glossary. 

 

  • USS Trustee
  • UUK
  • Statutory/procedural

December 2019 - February 2020

USS begin engagement with UUK, UCU and tPR on valuation methodology.
USS Trustee

23 January - 28 February 2020

Phase one of UUK consultation on the JEP2 report and its application to the 2020 valuation and long-term sustainability.
UUK

February 2020

USS identify a proposed approach to valuation methodology for wider discussion.
USS Trustee

9 March 2020

USS publish a formal discussion document to seek employers’ views on the proposed approach.
USS Trustee

31 March 2020

The date the 2020 valuation is set at.
Statutory/procedural

9 March – 1 May 2020

UUK consultation on the USS methodology and risk appetite discussion document.
UUK

August 2020

USS Trustee agree the financial and demographic assumptions and methodology for consultation.
USS Trustee

September 2020

USS consult UUK, and engage with wider stakeholders, to finalise the scheme’s funding position and the overall contribution rate.
USS Trustee

7 September - 30 October 2020

UUK consultation with employers on matters relating to the 2020 valuation.
UUK

March 2021

JNC to have made decision on how to address the contribution rate.
Statutory/procedural

30 June 2021

Statutory deadline for filing the 2020 valuation with the Pensions Regulator.
Statutory/procedural

October 2021

Contributions scheduled to increase under the 2018 valuation.
Statutory/procedural