The USS is currently due for its triennial valuation and review. It is already clear that the managers of the fund are signalling what they see as major problems of sustainability. It is anticipated that they may try to impose significant changes to how benefits are calculated.
The issues are complex – but are usefully summarised here UCUHE225(1)
UCU negotiators will be reporting on 8th September on their deliberations with USS fund managers. This will give time for branches to assess the situation, discuss with members and formulate responses in time for a special conference – to take place in Manchester on 19th September.
University of Nottingham UCU will seek to consult members fully once the briefing is released on 8th September, and will be represented at the Manchester conference. This is a significant matter and members are urged to familiarise themselves with the issues. Pension scheme funding arrangements are not always immediately interesting – but these developments have the potential for serious consequences.