What is changing and how will this affect my pension?

USS – timeline of events to date

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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.

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.