USS pension: UUK updated Q&A and benefits modelling

UUK has published further information relating to the current proposals for changes to the USS pension scheme as a result of the 2017 valuation.

We have provided links to this new information below:

5 Facts: USS Pensions - a factsheet with information about the valuation and the discussions at the JNC.

Updated Q&A – an updated set of Q&As which has been expanded to include a section on understanding the USS scheme generally, as well as sections on the valuation, the methodology used by the USS trustee, and potential benefit reforms.

Aon modelling of UUK proposals – UUK asked its actuarial advisers to model estimated member outcomes under the current benefit structure (noting that this is hypothetical, as costs would need to increase to maintain those levels of future benefits) and under its own proposals. While it is necessary to make a number of assumptions, the modelling demonstrates that competitive and generous pensions will remain under UUK proposals, even though the scheme faces significant funding challenges.

The next meeting of the JNC takes place on Monday 18 December, when a decision on benefit reform is due, in order to comply with the statutory timescales governing this process.