Joint UCU statement on pensions scheme

Cardiff University’s Vice Chancellor, its University Executive Board (UEB) and Cardiff UCU welcome the report of the Joint Expert Panel (JEP) on the 2017 valuation of the USS pension scheme.

University management and Cardiff UCU would like to thank the JEP for their thoughtful and evidence-based approach. It is our view that the report provides common ground for Universities UK (UUK) and UCU to stand together in making a strong case to the USS Trustee and the Pensions Regulator to accept the conclusions of the JEP.

The Joint Expert Panel unanimously recommends four areas where adjustments to the valuation should be considered:

1. A re-evaluation of the employers’ attitude to risk, which would result in a re-evaluation of the reliance on the sponsor covenant.
2. Adopting a greater consistency of approach between the 2014 and 2017 valuations, which affects the scale and timing of deficit recovery contributions.
3. Ensuring fairness and equality between generations of scheme members by smoothing future service contributions.
4. Ensuring the valuation uses the most recently available information which means taking account of recent market improvements, new investment considerations and the latest data on mortality, for example.

The Joint Expert Panel established by Universities UK and the University and College Union to review the valuation of the Universities Superannuation Scheme (USS) has recently published its first report.

The report is available to read in full here. Universities UK and the University and College Union have both welcomed the report.