What is changing and how will this affect my pension?

September 2018:   

The first report from the Joint Expert Panel on the 2017 valuation was issued.

From September 2018:   

Employers consulted with employees about how to implement Rule 76.4 and what increases in contributions members will be required to make.

1 April 2019:   

USS concluded its 2017 valuation and implemented the first of the phased changes to contributions under Rule 76.4.

October 2019:

Contributions increased under terms of the 2018 valuation: to 21.1% for employers, and 9.6% for employees.

December 2019:  

USS concluded the 2018 valuation. The Joint Expert Panel (JEP) considered the valuation process and long-term sustainability of the scheme in the second phase of its work, and published the second JEP report on 13 December 2019.

Valuation of the scheme taken 31 March 2020.

March to April 2021:

Phase 1: USS issued valuation report to the JNC, providing price for current benefits on 3 March 2021.

Phase 2: UUK consultation with employers to obtain a firm mandate on which to negotiate at JNC – including covenant support measures and related reform options.

March to May 2021:

Phase 3: JNC meetings to decide any response to the valuation outcome.

30 June 2021:

Phase 3: Statutory deadline for filing the valuation with the regulator.

July to August 2021:

JNC decision on the valuation expected.

September to October 2021:

Phase 3: Employer consultation with affected employees and representatives on any changes.

Phase 3: Contributions scheduled to increase under the 2018 valuation (1 October 2021).

More details can be found on the USS Employer website.

November 2021:

Opening of employer consultation with affected employees and representatives on changes following JNC decision.

December 2021:

First meeting of a working group set up by the JNC (formed of representatives from UUK and UCU, supported by the USS Trustee) to explore the introduction of low-cost options for pension scheme members. The group has been invited to complete its report for the JNC and the USS Trustee in April 2022. A consultation with stakeholders on the recommended changes will then follow.

• 17 January: close of employer consultation with affected employees and representatives on changes following JNC decision.
• 28 February: deadline for the JNC to provide consent to a deed implementing benefit changes.
• 1 April: deadline for completion of USS 2020 valuation and reforms. Confirmed changes then come into effect.
• November 2022 - March 2023: USS discussing key assumptions of 2023 Valuation with UCU and UUK

• 31 March: date of 2023 Valuation
• April - June: Trustee Board agree way forward for 2023 Valuation
• May: data breach reported
• July - September: USS to consult UUK on proposed Technical Provisions of 2023 Valuation, their view of the scheme’s funding position at the valuation date and the overall contribution rate needed for the current package of benefits
• 25 September to 24 November: employer-led consultation on benefit changes
• Late November - early December 2023: All responses submitted via the consultation website during the consultation period will be considered before any decision is made
• December 2023: JNC decision made, based upon the outcome of the consultation. The final position will be communicated to affected employees, elected representatives and recognised trade unions as soon as possible afterwards

• 1 April 2024: the earliest possible date that the changes to benefits being consulted on would be implemented
• 30 June: statutory deadline for completing 2023 valuation