USS: first consultation on JEP second report and future actuarial valuations launched

Universities UK (UUK) has launched a consultation with employers on the Joint Expert Panel’s (JEP) second phase report and on the 2020, and future, actuarial valuations.

It is the first phase of the consultation, which will gather the views of employers on the JEP’s recommendations and consider how these might be implemented in the context of the 2020 valuation and in supporting the longer-term sustainability of the USS.

The JEP’s second report made a series of interlocking recommendations covering the governance of the Scheme, the valuation methodology and the way forward.

What is the Joint Expert Panel?

The Panel was set up by University and College Union (UCU) and UUK following the 2018 industrial dispute over the USS pension fund. The Panel comprises senior figures from the pensions sector, as well as academic experts from within higher education, and is chaired by Joanne Segars OBE.

Following its first report into the 2017 USS valuation, the Panel was commissioned by UCU and UUK to produce a further report aimed at establishing “key principles to underpin the future joint approach of UUK and UCU to the valuation of the USS fund”.

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