USS pension: cost sharing consultation open
USS consultation open until 2 November; book your place on an information session.
Between 3 September and 2 November 2018, a statutory 60-day consultation is open for active USS members and eligible employees to have their say about proposals for implementing rule 76.4-8, commonly known as the cost sharing rule.
Although this consultation is happening now, the sector is still actively involved in re-examining the valuation process, via the ongoing work being undertaken by the Joint Expert Panel, which is due to report its findings in late September. The two things have to run at the same time, due to statutory deadlines to satisfy USS scheme rules and the Pensions Regulator.
Find out more about the USS proposals to implement the cost sharing rule.
Your consultation pack
USS members should have received a named, printed copy of the USS consultation pack at their place of work. Eligible employees and representatives should have received a copy, too. The pack explains how to submit your opinions into the consultation and we encourage you to do so. If you have checked your internal post and believe your copy has not been delivered then please email Pensions team.
Book your place on an information session
Pensions experts, Mercer, will be holding open information sessions on Thursday 20 September to explain more about the cost-sharing implementation proposals and anticipated next steps in the 2017 valuation process. The Vice Chancellor will join Mercer in both sessions and will be on hand to answer questions.
Spaces are limited, so to book your place, email Pensions team with your preferred session (1 or 2) in the email subject title:
Session 1 (11:30 1pm) Session 2 (3:30 5pm)
Both sessions will be hosted in Worsley Medical lecture theatre, room 7.35 on level 7 of Worsley building, near the airport lounge.
Visit USS website to find the answers to key questions, such as:
- Why cost sharing? The law, the scheme rules, the timescales, the cost
- What happens next?