USS Pension valuation Drop-in sessions – March 2021 Carey Southward – Senior Pensions Specialist Tony Lawrence – Director of Financial Management Harbhajan Brar – Director of Human Resources Audrey Fraser – Head of Reward, Engagement & Policy
What is a valuation? •
A financial health check of a pension scheme
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Performed at least every three years
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Ensures scheme has enough money in assets/fund to pay pensions already promised
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Reviews current contributions are enough to pay pensions promised in the future
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Needs to be submitted to The Pensions Regulator within 15 months of valuation date
We have been advocating on behalf of our staff and the College to try and influence the valuation outcome and ensure our voices are heard. •
Two letters to USS Trustee including a joint letter from the College and UCU
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Meeting with USS CEO, Provost, Director of Finance and members of Academic Working Group on pensions
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Signed joint letter from Russell Group to The Pensions Regulator
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Regular meetings with local UCU to discuss valuation
USS structure •
340 different employers make up USS, of which Imperial is one
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Our options to influence the valuation outcome are dependant on a unified response
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Our voice is heard through UUK who will respond to USS on behalf of all employers
The 2020 USS valuation process has been significantly delayed and there is still a long way to go.
The three scenarios proposed by USS result in very different contribution rates
A summary of the proposed cost increases for members and the College (under current cost-sharing approach)
The proposed cost increases for members (under current cost-sharing approach)
In order to ensure we can provide effective feedback to USS, we have released a survey, the responses to which will feed directly into Joint Negotiating Committee (JNC) discussion •
Questions around affordability
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Current structure
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Flexibility
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Address rising opt-out rates