Joint talks on future of USS pension scheme announced

Discussions will take place at the start of the new year to agree the approach for progressing the JEP’s recommendations in relation to the Universities Superannuation Scheme (USS).

Universities UK (UUK) welcomes the news that University and College Union (UCU) and USS will meet with UUK at talks facilitated by the chair of the Joint Expert Panel (JEP) Joanne Segars.

The recent second report from the JEP made a series of recommendations concerning the governance of USS, the 2020 valuation methodology, and the scheme’s sustainability. It called for a process of meetings between the scheme’s stakeholders to look to the future.

Senior members of the organisations, including UUK’s Chief Executive Alistair Jarvis, UCU General Secretary Jo Grady, and USS Group Chief Executive Bill Galvin, will attend the talks. Full dates and details will be announced after Christmas.

Alistair Jarvis, Chief Executive of Universities UK, which represents 340 USS employers, said:

“There is a strong desire from all parties to work closely together on the future direction of the scheme. We look forward to developing a joint approach between the union, the trustee and employers to consider and respond to the recommendations from the JEP’s second report, alongside the 2020 valuation of USS. 

“Priorities include jointly agreeing a refreshed scheme purpose and valuation principles; reforming the governance; and exploring different approaches to the valuation methodology for 2020.”