Current USS Pension timeline
Find out what has happened to date and the next stages in the valuation process
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.
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.
Phase 3: JNC meetings to decide any response to the valuation outcome.
Phase 3: Statutory deadline for filing the valuation with the regulator.
JNC decision on the valuation expected
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.
Opening of employer consultation with affected employees and representatives on changes following JNC decision.
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.
Close on 17 January of employer consultation with affected employees and representatives on changes following JNC decision.
Deadline 28 February for the JNC to provide consent to a deed implementing benefit changes.
April 2022
To address the opt-out rate, a joint UCU, UUK, USS working group is currently looking at lower cost options and is due to report back to the JNC and USS Trustee in April. Consultation to follow.
Further updates expected on working groups on alternative scheme design, and on a review of scheme governance.
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