Review of Universities Superannuation Scheme (USS)

The Joint Review Group (JRG), a sub-group of USS's Joint Negotiating Committee (JNC), was assembled in late 2008 to undertake a review of USS to determine what changes should be made to ensure that USS remains an attractive and affordable defined benefit pension scheme and one that will continue to be an integral part of the remuneration package to help recruit and retain high quality staff for higher education on an ongoing, sustainable basis. 

The review was conducted in the context of reducing risks in the Scheme and reducing the sector's exposure at a time when its funding and pension arrangements are under increased political scrutiny.

On 18 January 2010, we published the contents of a briefing pack that we had received from the Employers Pension Forum explaining why changes to the USS would be necessary. However, at that time, there were no formal proposals to be considered.

Since then, the JRG held its final negotiations meeting on 30 April 2010.  It was unable to come to an agreement on the necessary changes to USS. 

The JRG has now been disbanded with the USS JNC receiving two sets of formal proposals, one from the Employers Pension Forum and one from the UCU.  It is anticipated that the JNC will reach a conclusion on 7 July 2010

All USS employers will then be asked to carry out statutory consultation with the individual members of the scheme who are in their employment.

The proposals from the Employers Pension Forum and UCU are available on the Employers Pensions Forum website.

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