Watch | VC Simone Buitendijk expresses thanks and looks ahead to the next steps for USS
More than 1000 eligible Leeds staff responded to a recent survey about aspects of the USS pension scheme and Vice-Chancellor Professor Simone Buitendijk expresses her thanks in a new video.
UUK is consulting the 340 employers in USS on options for reforms to address a sizeable deficit and to tackle an increasing high opt-out rate. Options being discussed include changes to benefit structures and contribution levels. More than 1000 eligible Leeds staff responded to a recent survey about aspects of the scheme and Vice-Chancellor Professor Simone Buitendijk expresses her thanks in this video.
Watch | Vice-Chancellor Professor Simone Buitendijk expresses thanks and looks ahead to the next steps (captioned)
The Universities Superannuation Scheme (USS) is currently going through a valuation process – a statutory assessment of a pension scheme’s financial health, carried out at least once every three years. Based on this, the USS Trustee (which manages the scheme) has recently announced that contributions will need to rise significantly for both members and employers on the basis of current benefits.
The scheme faces some significant challenges and we’re talking openly about these as a University community.
What happens next?
- The data from your responses is being considered by the University Council pensions sub-group in readiness for its response to the UUK consultation.
- UCU also ran a survey recently and data from those responses is also being considered by the pensions sub-group.
- UUK’s consultation will close and UUK will then reflect on the views expressed in the consultation before deciding with representatives of UCU – in the Joint Negotiating Committee (JNC) – how to meet the challenges posed by the valuation. These decisions will relate to the future benefits offered by the scheme and the level of contributions made by employers and members.
- A period of member consultation will follow during autumn 2021.