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University of Leeds position on USS pension reform
While we recognise that the prospect of pension reform will naturally concern colleagues, we do believe that reform is necessary.
It’s important for us to have a pension scheme which is valued, sustainable, stable, portable and fair:
- Valued: so we can recruit, reward and retain very good people.
- Sustainable: so the scheme continues to be affordable and secure for individuals and employers.
- Stable: so there’s confidence in the scheme.
- Portable: so it helps colleagues move freely around the sector to develop their careers.
- Fair: so the scheme considers and acts on behalf of all members, regardless of age or career stage.
We will share public information and links to other sources of information on this page as soon as possible and key information is also highlighted via the all staff eNews.
Member communications and documents are produced and provided by USS itself, although the University plays a role in distributing enewsletters and membership packs on behalf of USS to members and eligible staff.
USS Pension Developments sessions - presentation now available
The slide deck from the September and October 2019 sessions, that discussed the national pension developments and decisions about the USS pension scheme, is now available to download.
Your pension
For information or if you have any specific questions relating to your pension scheme please contact the Pensions and Benefits team:
Phone 01133438823 (x38823)
Email pensions@adm.leeds.ac.uk
HR website
Questions
Visit USS website to find the answers to key questions about cost sharing, the law, the scheme rules, the timescales, and the cost.
2018 valuation: Why another valuation? Find out on the USS website 2018 valuation page.
Joint Expert Panel and pension valuations
The JEP was set up to examine the valuation of USS and was tasked with agreeing key principles to underpin the future approach of the University and College Union (UCU) and Universities UK (UUK) to the USS valuation.
In September 2018, the Joint Expert Panel (JEP) published its report about the 2017 USS pension valuation. An executive summary and the full report are published on the JEP website.
The JEP published its second report in December 2019. The report makes a series of interlocking recommendations covering the governance of the scheme, the valuation methodology and the way forward.
Alongside but separate to the JEP's review and first report, the USS trustee held a consultation with members and eligible employees about the proposals for implementing the cost sharing rule. This consultation closed on 2 November 2018. Visit the USS employers website to find out more about why these two processes had to run at the same time.
- 22 November: USS published an update about concluding the 2017 valuation and conducting another valuation as at 31 March 2018.
- January 2019: USS issued UUK with updated Technical Provisions as part of the 2018 valuation. The 2017 valuation was finalised.
- February 2019: JEP announced its second phase and called for submissions.
- March 2019: UUK responded on the behalf of employers to the USS 2018 actuarial valuation consultation. You can access the University's submission to that consultation here.
- May 2019: USS Trustee proposed three options for concluding the 2018 valuation. UUK published a statement summarising employers' indicative views about these options.
- June
2019: UUK formally confirmed the views of employers on the
three options presented by the USS Trustee for concluding the 2018 valuation.
Employers indicated a preference for further
exploration of ‘Option 3’.
- 28 June 2019: USS provided further
details about ‘Option 3’, including the ability of employers to exit the
scheme, the taking on of new debt and the monitoring and reporting of existing
debt. Universities UK (UUK) launched
a consultation with USS employers over the additional conditions required
by the USS Trustee to conclude the 2018 valuation.
- July 2019: Following the consultation, it was announced that the majority of employers are willing to support the USS Trustee’s additional requirements on debt monitoring and
employers exiting the scheme, to allow the 2018 valuation to be concluded in
line with Option 3. If this is accepted by USS, it would maintain the current
levels of benefit for scheme members until 2021, and also cap contributions for
that period at a total contribution rate of 30.7% of salary – 21.1% for
employers, and 9.6% for members. The proposals put forward by UUK on this basis are available
online.
