USS valuation update
To keep you informed here is a summary:
- The USS Joint Negotiating Committee (JNC) has recently revoked the previous benefit proposals it recommended in January
- This means that you can now securely dispose of the packs provided in relation to that consultation
- No alternative benefit proposals have been tabled at this point as a separate Joint Expert Panel (JEP) has now been established to review the 2017 valuation. This review will take place over the summer
- If an agreed approach cannot be reached ahead of April 2019, there is a risk that contribution rates would need to increase to maintain the current benefit structure.
- Any increase in contribution rates or benefit reforms would require a consultation with USS members.
We will keep you posted with any developments and there is detailed information about the valuation on the USS website. If you have any questions or concerns please get in touch with Stuart McLean, Associate Director of Pensions & Benefits.
Important – benefits you have built up in USS to the date of any change are protected by law, and there will be no changes to contribution and/or benefits prior to April 2019 at the earliest.