USS / Changes to the USS Pension Scheme
This area of the website has been designed to give you easy access to information about proposed changes to the USS pension scheme intended to address the scheme’s deficit and the anticipated rise in the cost of future pensions. Having a clear understanding what changes are proposed to the USS is important to your future financial planning and your ability to influence what happens next.
The formal employer consultation process with scheme members and affected staff scheduled to start in March 2018 has been cancelled. A Joint Expert Panel has been set up by Universities UK (UUK) and the University and College Union (UCU) to review the USS valuation, processes and assumptions and to agree key principles to underpin the future joint approach to the valuation of the USS fund. Current pension benefits are guaranteed until at least April 2019 whilst the panel concludes its work.
It is important to remember that your accrued pension (the pension you have built up prior to any future changes in USS pension provision) is protected under law and will not be affected by any future changes to the Scheme.
A number of information sessions for staff were commissioned from Willis Towers Watson during December 2017 and January 2018 to provide background information and help members to understand the need for scheme change, the main issues as highlighted by the parties, the constraints and the potential options for change. A copy of the slides can be found under the University Events and briefings tab.