Discover and read the best of Twitter Threads about #JEP

Most recents (18)

La @JEP_Colombia se une al #DíaDeLaJusticiaSocial ¿Por qué?

1⃣Porque la población víctima del conflicto armado, en especial la desplazada, según la Corte Constitucional, es “la más vulnerable dentro de la vulnerable”.
2⃣Colombia es uno de los países con más alta concentración de la tierra productiva de todo el planeta. El 1 % de las fincas de mayor tamaño tienen en su poder el 81 % de la tierra colombiana.
#DíaDeLaJusticiaSocial
3⃣Porque cumplir los acuerdos de La Habana y cerrar las brechas de pobreza, miseria y exclusión debe ser un compromiso del Estado y de la sociedad colombiana, en el marco de la construcción de una paz estable y duradera.
#DíaDeLaJusticiaSocial
Read 6 tweets
I'm fascinated by how #USS uses the phrase "in isolation" in attempts to neutralise far-reaching critiques of its modelling and methods.

Exhibit 1: MarshGate re #Test1 (cc @Sam_Marsh101)

"Dr Marsh’s analysis is not wrong in isolation ..." uss.co.uk/how-uss-is-run… 1/ screen shot from weblink in tweet
Exhibit 2: Rebuffing the #JEP

"Each of the [JEP] panel's recommendations is worthy of consideration in isolation, but ..." uss.co.uk/news/all-news/…

2/ screen shot from web link in tweet
Read 4 tweets
And as if like clockwork, an intervention from The Pensions Regulator -- we assume circulated to employers also, since it's been made public by UCU -- at a critical moment in the #USS dispute. Are we in 2018 or 2017? 1/
Remember TPR's ltr to Eastwood (Sept 17)

And #JEP later said: "It appears to the Panel that the Regulator's influence has been disproportionate. Some of those giving evidence... have suggested that the Regulator's views have steered employers' decisions." academicfreedom.watch/sites/default/… screen shot of first page of ltr linked to in text
(It's at this point that @acupunctureUSS realised he needed to help out with this thread, gifs not being my strong suit) #GroundHogDay #USSstrike #2018or2017 #aesthetic)
Read 14 tweets
Shall we place bets on the likelihood of a certain pension consultancy being involved in this @etymologic? #USS
In comparison with solidarity that stretched across university sector during #USSstrike, Trinity College Cambridge, one of richest educational institutions found anywhere, makes entirely selfish decision to pull out of #USS through invoking spectre of the 'last man standing' risk
Read 16 tweets
So: #USS is undertaking a new valuation (of funding position in March 2018). 1/ #USSstrike
Bill Galvin, #USS CEO, implicitly puts onus on #UUK for problems of 2017 valuation, stating that employers had given a "very clear view" to USS to "take less risk than was laid out in its [USS's] original proposals" uss.co.uk/how-uss-is-run… 2/ screen shot of part of document linked to in tweet
There is clearly dispute between #USS and #UUK over this: the #JEP, we should remember, said that it had 'not taken a view' on the differing perspectives of #UUK and #USS over the shift from the Sept to Nov TPs & valuation assumptions ussjep.org.uk/files/2018/09/… 3/ screen shot of p. 45 of document linked to in tweet
Read 10 tweets
Wow, new @Firstactuarial report on #USS 2017 valuation is brutal about #USS Trustee: governance of #USS is an ongoing massive question

See section titled "Is the Trustee in control?" (h/t @Sam_Marsh101 @MikeOtsuka for link to report) #USStrike ucu.org.uk/media/9971/Fir… 1/ screen shot from report linked to in tweetscreen shot from report linked to in tweet
I particularly enjoyed the sub-section that ends @RedActuary @Derek_Benstead's report on #USS valuation, titled – get this – "Alternative Facts". The final sentence reads: "So far as we are aware, this statement [by #USS] is untrue". ucu.org.uk/media/9971/Fir… 2/2 screen shot of section of report discussed in tweet
Will Prof Sir David Eastwood, Chair of #USS Board of Trustees, VC of @unibirmingham, respond to @FirstActuarial's grave concerns over whether #USS Trustee is actually in control of #USS valuation? Or will Trustee continue its silence? #USSstrike ucu.org.uk/media/9971/Fir…
Read 9 tweets
My name is Felicity Callard & I deeply regret I cannot stop myself watching recordings of other universities' #USS pensions town hall meetings late in the evening.

And UCL's recent one was pretty darn amazing if you're into this kind of thing H/T @UCL_UCU
At 19 minutes you can hear UCL President & Provost reflect on what the less than 50% turn out on the pay & equality ballot means:

"So that particular concern about pay seems to have gone away for this year at least." Gone away for whom, we ask? 2/
At 22 minutes you can watch the President & Provost asking Phil (Harding) [UCL Finance Director & UUK negotiator] "to answer the Test 1 stuff because the technical aspects of that defeat [him]". Though he has read @Sam_Marsh101's stuff. 3/
Read 11 tweets
Huh, there appears to be tussle btw #UUK & #USS over how to narrate shift from Sept to Nov valuation (& whose fault it is). I had inkling abt this yesterday after one of @JosephineCumbo'sthreads conveying #USS's 3 responses to @Sam_Marsh101's findings (medium.com/ussbriefs/a-fl…) 1/
#USS, via @JosephineCumbo, tries to shift focus on to employers by saying Sam's analysis "ignores the need for the scheme to attain a position within the risk appetite of sponsoring employers, and the time required to make such adjustments" 2/
And then look at #JEP p.45 :

A classic case of "A said B did it, but B said A did it" – & we as JEP are flagging this up & couldn't possibly say whether it was A or B.

▶️ #USS and #UUK fighting over who's responsible for shift to Nov valuation? ussjep.org.uk/files/2018/09/… 3/ excerpt from p. 45 of JEP referred to in the link in the tweet
Read 4 tweets
Looks as though @etymologic was right: trying to find that 3rd person is a fool's errand #USS #Test1

@Sam_Marsh101's threads imply:
✅ Current use of Test 1 irremediably broken
#NoDerisking #NoDetriment #NoDeficit
✅ Major governance questions for USS & UUK
#USSstrike 1/
We at @OpenUPP2018 @USSbriefs are collaborating with @Sam_Marsh101 this weekend to get his findings (and, crucially, their implications for current consultation & for #JEP phase 2) into #USSbriefs form so that they can be used by #UCU & #USS Scheme members ASAP 2/
We are all profoundly indebted to @Sam_Marsh101.

His efforts to acquire the necessary data from #USS (in the face of persistence resistance/reluctance) and then to analyse them to expose the car crash of Test 1, have taken over a year.

THANK YOU Sam. 🌿🍁🍃 #USSstrike
3/3
Read 3 tweets
Given importance of HE sector "there may be a case for future governments to consider alternative options" (incl "state-backed guarantee" or "measures enabling more risk-taking"). Powerful piece from @JMariathasan on #USS DB debate post-#JEP ipe.com/analysis/blogs… #USSstrike 1/
Article argues that central problem lies in regulatory changes that transformed management of a DB pension scheme into "a risk management problem, not an investment one" 2/
Read 4 tweets
If university senior managers approach comms like this it's gonna be long while before they get trust back:

UCL Provost on #JEP "With the stock market performing more strongly...since the original valuation, the deficit is reduced" – blithely ignoring all substantive JEP points
When I first saw UUK's USS briefing slide, I thought they'd finally acknowledged need to improve modes of engagement, consultation, deliberation, communication.

But no, it's all about standardising their one-way messaging of 'facts' from UUK ▶️ universities ▶️ outwards
2/ Copy of https://twitter.com/USSbriefs/status/1041685053359702017
Epistemic & political challenges proliferate – but many actors insist ever more firmly that all that is needed is better one-way communication of (their) facts.

For those of us interested in #STS/public engagement w sci, the comms surrounding #USSstrike are quite something. 3/3
Read 3 tweets
So with the publication of the #JEP, the issue of UUK consultations with employer institutions is back big time. Both the famous Sept 2017 survey – and now the possibility, if JEP recommendations are taken up, of UUK reassessing employers' appetite for risk.

I'm worried. 1/
#JEP has emphasised the problems with how UUK framed the questions. What's really obvious if you look back Sept survey is that all the focus is on risk and on a *reduction to benefits*. And NOT on the potential to increase contributions. Or on amending the technical provisions 2/
You can see the structure of the questions here, in Nottingham's response (one of the institutions that wanted less risk): whatdotheyknow.com/request/440685… 3/
Read 18 tweets
2. #JEP has a lot to say about Test 1. Its sentence 'The view of the Panel is that Test 1 is not well understood outside of USS' is ... well ... certainly marvellously diplomatic.

Cf. and 6/
3. #JEP's discussion of #USS's & #UUK's 'differing perspectives' on the shift from Sept to Nov valuation shows just how murky the deliberations that resulted in this shift still are.

This remains a big issue, given #JEP proposal to reassess employers' atttude to risk (p. 45) 7/ Extract from p. 45 of JEP report
4. #JEP agrees w many of us that UUK's 'framing' of questions around risk in their consultations has serious consequences.

How can we be confident that any future assessment of employers' risk appetite by UUK shows an improvement in their use of social scientific methods? 🧐 8/
Read 13 tweets
After a few weeks away from Twitter, I'm back to think – alongside many others – about content & rhetoric of the #JEP.

And abt what we at @USSbriefs have been doing all summer w @OpenUPP2018 to encourage deliberations over #USS valuation to take place in public #USSstrike 1/
Many (incl. @NJSHardy @gailfdavies @DrJoGrady @etymologic @MikeOtsuka) have already provided cogent analyses of the #JEP report & its implications. So here I'll just going to pick out some of what has struck me most forcefully on a first read. #USSstrike 2/
1. There's a judicious use of rhetoric – particularly around 'confidence', '(mis)understanding' & 'communication'. This cleaves closely to that used by #UUK & Bill Galvin – whether that is deliberately so as to increase likelihood of acceptance by those parties, you can decide 3/
Read 5 tweets
BREAKING: #USS Joint Expert Panel, reviewing 2017 #USS valuation, has published its report.

Summary of key recommendations to follow:
The Panel looked in detail at the methodology, assumptions and tests employed by the Trustee, and particularly at USS’s ‘Test 1’ which underpins the 2017 valuation.

"In the Panel’s view this test has assumed too much weight in determining the valuation."

2/
The Panel unanimously recommended 4 areas where adjustments to the 2017 valuation should be considered:

1. A re-evaluation of the employers’ attitude to risk, which would result in a re-evaluation of the reliance on the sponsor covenant.

3/
Read 11 tweets
It's been a pretty busy week at @USSbriefs HQ.

We published @BenPatrickWill's fantastic brief on what's coming down the chute in terms of transformation of HE into performance data. An essential read – & glorious @acupunctureUSS design #USSbriefs40 medium.com/ussbriefs/numb… 1/
We published Richard Farndale's (in consultation with @CambridgeUCU Exec) excellent set of questions for the #JEP in our @OpenUPP2018 series #USSbriefs41 medium.com/ussbriefs/cruc… 2/
We published @carlomorelliUCU's excellent submission to #JEP (in our @OpenUPP2018 series) on the wider context & political economyof EU legislation – & discount rates – around pensions #USSbriefs42 medium.com/ussbriefs/euro… 3/
Read 9 tweets
"The working paper provides the required proof & argument against the flawed valuation method adopted by #USS. Using an appropriate valuation technique, the USS is found to be in surplus as large as £10bn ...": Woon Wong #USSbriefs34 on the phantom deficit medium.com/ussbriefs/indu…
Wong: "many actuarial practices should be reviewed ... [T]here is a need to examine the economics of risk & return from a long term perspective ... given ... low interest rates, de-risking can be suboptimal & extremely expensive" #USSbriefs34 working paper medium.com/ussbriefs/indu…
Wong insists that the #USS valuation can be resolved if there is appropriate time given to it: "say 2 to 3 years of proper research & discussion between all relevant academics, the actuary industry & tPR (of course these include UUK and UCU)" #USSbriefs34 Quotation about 'all is required is time' -- see text of tweet
Read 11 tweets
We at @USSbriefs HQ have spent lots of weekends & evenings getting our first briefs ready for OpenUPP. Our efforts to Open Up the #USS Joint Expert Panel start for real today, as we challenge the epistemic landscape of #USS #pensions dispute ussbriefs.com/openupp2018/ #USSstrike 1/ screen shot of press release linked to in tweetscreen shot of press release linked to in tweet
Our first #OpenUPP2018 brief is 'Opening up the USS Joint Expert Panel', by me. I explain why we at @USSbriefs are so committed to Opening Up the #JEP, & provide thumbnail reflections on the 7 people who make up that closed panel medium.com/ussbriefs/open… 2/
Our second #OpenUPP2018 brief is an 'Open Letter from Academics for Pensions Justice' (@ForPension) which demands that #USS provides full disclosure of data, assumptions & the modelling approach underpinning the 2017 valuation to JEP medium.com/ussbriefs/open… #USSbriefs26 3/
Read 4 tweets

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