USS pension: cost sharing consultation now closed
All the consultation responses received from Leeds colleagues will join those from other USS member institutions and be submitted to the USS trustee board later in November for consideration.
The statutory 60-day consultation was held so that active USS members and eligible employees could have their say about proposals for implementing rule 76.4-8, commonly known as the cost sharing rule. The rule was triggered earlier in the year and had to be held alongside the Joint Expert Panel's review and report publication, due to statutory deadlines to satisfy USS scheme rules and the Pensions Regulator.
Extract from USS website:
"As our timeline shows, the cost sharing process runs parallel to but entirely separate from the JEP process, meaning it was vital for employers to consult with you from 3 September, before the Joint Expert Panel (JEP) published its report.
"In our statement on the JEP report, we have reaffirmed that, in the absence of a Joint Negotiating Committee (JNC) decision, cost sharing remains the only default process that the trustee is legally able to operate for addressing the regulatory and legal obligations of the latest valuation.
"...UUK and UCU are now considering the JEP report, and we will continue to engage with them as they consider their respective positions. This is expected to inform subsequent JNC discussions later this year. We have repeatedly expressed the view that the JEP report could provide the basis for UCU and UUK to agree a way forward that could be introduced before the significantly higher phases of cost sharing increases come into effect, and we sincerely hope that comes to pass." Published date: 2 October 2018
Posted in: USS Pension