Universities UK (UUK) has launched a short consultation with employers in the Universities Superannuation Scheme (USS), seeking views on potential modifications to the indicative outcome to the 2020 valuation
Significant progress has been made on the 2020 valuation, with strong employer backing for the UUK alternative package of reforms as an affordable and viable option to finalise the USS 2020 valuation and to avoid damaging contributions of between 42.1% and 56.2% needed to retain current benefits.
However, the USS Trustee states that it considers the indicative benefits can be provided for an overall cost of 31.2% of salary (therefore, a rate 0.5% higher than current contributions). To reach this price the USS Trustee seeks further requirements as part of its ‘counter proposal’ for a covenant support package.
This short consultation will run until 5pm on Monday 5 July 2021 and employer responses should be sent to pensions@universitiesuk.ac.uk by that date.
The full consultation materials, including the consultation document and response sheet can be downloaded below.
