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Sheffield UCU @sheffielducu
, 5 tweets, 3 min read Read on Twitter
Want to understand #USS pension valuations? Watch this video! SUCU president & USS negotiator @Sam_Marsh101 explains 3 variants of a valuation model. Notice that if de-risking is cancelled, the picture is much rosier than UUK would have us believe!

goo.gl/HAVu6B
If you want to learn more about how de-risking depresses income and increases the deficit, watch the other videos in our USS pensions playlist, especially this one: goo.gl/2QhY8L
And, @leedsucu also provided this great, very accessible analogy back in January: leedsucu.org.uk/de-risking-exp…
The more data that becomes public, the clearer it becomes that our DB pension scheme is healthy, and it is instead UUK's financially wasteful and unrealistically low "risk appetite" that is putting it in jeopardy.
And by public, we mean that at least some of it is available to our #USS negotiators. We would LIKE to see #USS make it's workings available to everyone! If you haven't yet, sign this petition: you.38degrees.org.uk/petitions/uss-…
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More from @sheffielducu see all

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IMPORTANT #USS UPDATE! Friday saw two big decisions made with big implications for the future of USS. One took place at UCU's HEC, the other at the UCU/UUK Joint Negotiating Committee. You need to be aware of what happened at both! READ ON... 1/ @JosephineCumbo @jgro_the
SECOND MEETING FIRST: the JNC agreed (yes, agreed!) to formally revoke the January imposition of a defined contribution scheme. This is an important moment! DC is gone, and not coming back. This makes concrete previous loose pledges from @AlistairJarvis & UUK. 2/
It is expected that #USS will now prepare to implement 'cost-sharing' to start in April 2019. This will leave benefits unchanged (at least up to the DC threshold), but will mean big contribution rises. See thread by @MikeOtsuka: 3/
Read 14 tweets

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#USS provides blinkered, inaccurate, exaggerated measures of risk in their consultation document, all three of which are tied to the gilt yield. More comments below. 1/
The first (see 5.4.1) is their measure of 'long term risk' in terms of their infamous Test 1 gap to 'self-sufficiency' in 20 year's time. Self-sufficiency is a gilts+0.75 portfolio. 2/
As I explain in this thread, it's only when they rewrite history by contradicting past statements that they are able to show a need to 'de-risk' into bonds in order to meet this test. 3/
Read 19 tweets
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🚨🚨🚨#USS has released their consultation on the 2018 valuation. Headline figure is that the best case scenario they're offering to members is a 3.7% increase in contributions to preserve the DB & DC status quo (minus the 1% match). 1/
ussemployers.org.uk/sites/default/…
This is 0.4% higher than the 3.2% increase that JEP modelled. If split 65:35 between employers and members, that would imply +2.4% employer contributions & +1.3% member contributions. 2/
In order for #USS to accept this best case scenario, they write that "a combination of contingent contributions [automatic triggers] and negative pledges would be the most appropriate means of providing acceptable support" of increased investment risk. 3/
Read 50 tweets
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#president @KRLS "No tinc xofers ni seguretat, però tinc gent que ajuda. És evident que l'Estat em considera "caça major", però no pots viure amb paranoia constant. Qui ha de viure amb por són els criminals, no nosaltres" #QuatreGatsTV3
#president @KRLS "Matí i nit intento parlar amb la dona i les nenes i fer els deures amb elles. Curiosament quan era a Catalunya no podia fer-ho. El dia a dia és a dins de la Casa, si no no surto" #QuatreGatsTV3
#president @KRLS "El Consell és un espai fora l'abast de la repressió espanyola. Això no ho paga fons públics, ni clavegueres de l'Estat ni fons reservat. Es fa igual que l'1oct. Jo ara no tinc sou. Intento gastar el mínim " #QuatreGatsTV3
Read 28 tweets
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#USS’s obsession with short term risk and reliance, plus legally enforceable triggers, can be fairly directly traced to tPR’s linked 2017 DB annual funding statement, which was released in May 2017. 1/
thepensionsregulator.gov.uk/-/media/thepen…
From statement: "All schemes need to put contingency plans in place in the event a downside risk materialises. Schemes that hedged their interest rate risks [MO: i.e., SAUL, but not USS] will generally have fared better than those that did not over the last three years...." 2/
"...Where schemes now find themselves in a worse funding position than anticipated, we expect them to implement their contingency plans, which should involve taking appropriate action to recover their funding position and to mitigate against any further downside events." 3/
Read 12 tweets
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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
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🚨🚨🚨Link to @Sam_Marsh101's well-documented, sound & explosive addendum to his JEP submission, which reveals a serious failure on the part of #USS to apply Test 1 properly, in a manner that makes sense of its underlying rationale: 1/
medium.com/ussbriefs/adde…
Recall my earlier "FALSE PROSPECTUS" tweet on Sam's findings: 2/
This thread links to various #USS documents that spell out Test 1's rationale as follows: the gap between the value of the *ASSETS HELD BY THE SCHEME* & the assets required to purchase a low-risk self-sufficiency portfolio must not become too great. 3/
Read 19 tweets

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