The dispute surrounding the Universities Superannuation Scheme has its origins in a valuation of the Scheme carried out in 2017. This page gives an overview of the events that have led to the latest valuation.
The Universities Superannuation Scheme (USS) pension scheme, along with many others, has experienced funding deficits over recent valuations which has led to the introduction of a defined contribution (DC) element, reduced defined benefit (DB) accrual and increased contribution rates.
Since April 2016, member contributions have increased from 8% to 9.8% and employer contributions from 18% to 21.6% with DB accrual decreasing from 1/75th of salary below the Salary Threshold, together with a lump sum of 3/75ths of salary below the Salary Threshold, to 1/85th and 3/85ths respectively. At the same time the Salary Threshold, has also decreased providing members with a lower guaranteed pension.