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USS Pension Updates
Colleagues will be aware that the future sustainability of the Universities Superannuation Scheme (USS) is the subject of considerable debate, following a valuation that took place in March 2017. The valuation indicates that the changes to the scheme introduced in 2014 have not resulted in the required reduction in the funding deficit which, according to the independent actuary appointed by USS, now stands at approximately £7.5bn. As a consequence there will need to be some changes to the operation of the scheme.
This page will provide updates on the proposals and changes as they become available.
USS valuation: further extended deadline for JNC decision
The USS Joint Negotiating Committee (JNC) agreed on 19 December to defer until 23 January 2018 a decision on the proposed reform of USS benefits.
We understand that there will be further negotiations between UUK and UCU in the lead up to that deadline.