Cardiff University’s response to Universities UK consultation with USS employers on the options now presented by the USS Trustee to conclude the 2018 valuation - 29/05/2019

Cardiff University’s preferred option for completion of the 2018 valuation is as follows:

• We favour Option 3 with a 2020 valuation as a pragmatic solution that provides employers and employees with contribution certainty from 1/10/19 to 1/10/21.
  
  
  This should also allow the JEP to complete the next phase of its work in time to influence the 2020 valuation which we hope will produce a sustainable and affordable scheme.

Debt monitoring.

• We understand the need for debt monitoring in support of the employers covenant, subject to understanding the metrics proposed. However we do not support the proposal that USS be granted security which in our case would require the consent of our bond holders.

Clarification of the Scheme rules.

• We would wish to see a more widespread review of the governance structure and scheme rules rather than the narrow focus on exiting employers.