The 2020 USS pension valuation is currently in process, and universally considered to be seriously defective. UniversitiesUK (the organisation representing VCs) has been scathing in their response to the proposed valuation. Cambridge University VC and other leaders have written openly to raise serious concerns and call for re-engagement. If the USS proposal were to be implemented, it would increase total contribution rates from 30.7% of payroll (i.e. employer + employer contributions) currently to between 40.8% and 67.9% of payroll. Yet despite the enormous potential impact, USS has not provided credible evidence or rationale for these changes.   

We would therefore encourage all USS members, whether they are UCU members or not, to sign a letter of complaint to USS regarding the valuation of our pension scheme. We would like as many USS members as possible to sign the letter before it is submitted on 22 January by Neil Davies, Bristol UCU pension rep., under USS’s own complaints procedure as set out in the scheme rules.   

It’s a difficult time for everyone at UK Universities and this may not seem a priority at the moment, but the valuation as it stands will cause very serious and unnecessary financial difficulties both for the sector and its staff. The full letter of complaint with appendix can be seen here. 

USS has a responsibility to seriously address the issues raised in the complaint. Please Sign.   

There is now a very good video on the pension valuation to help understand these issues