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.
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.