๐จ๐จ๐จ #๐จ๐ฆ๐ฆ ๐ฝ๐ฟ๐ผ๐ฝ๐ผ๐๐ฒ๐ ๐ฏ๐ญ ๐ ๐ฎ๐ฟ๐ฐ๐ต ๐ฎ๐ฌ๐ญ๐ด ๐๐ฎ๐น๐๐ฎ๐๐ถ๐ผ๐ป ๐๐ผ ๐๐๐ฝ๐ฒ๐ฟ๐๐ฒ๐ฑ๐ฒ ๐ฎ๐ฌ๐ญ๐ณ ๐๐ฎ๐น๐๐ฎ๐๐ถ๐ผ๐ป ๐ฅ๐๐น๐ฒ ๐ณ๐ฒ ๐ถ๐ป๐ฐ๐ฟ๐ฒ๐ฎ๐๐ฒ๐ ๐ณ๐ฟ๐ผ๐บ ๐ข๐ฐ๐๐ผ๐ฏ๐ฒ๐ฟ (as announced to employers in letter dated 23 October). 1/
#USS maintains that proposed JEP adjustments to 2017 valuation could not be made in time to meet Feb 2019 deadline agreed w/ tPR to submit that valuation. Hence the proposal for a new valuation dated 31 March 2018, to reflect JEP proposals: 2/ 
#USS writes the following, re a 31 March 2018 valuation: 3/
๐The yellow-highlighted indicates that #USS has not resiled from a demand of their 2017 valuation that caused so much difficulty: automatic triggers, between valuations, of higher contributions if short-term gap to self-sufficiency becomes too great (or else asset pledge). 4/
#USS raised deficit recovery contributions (DRCs) from 2.1% to 6% precisely because employers were unwilling to agree to automatic triggers (or asset pledge) re short-term gap. 5/
As indicated below on p. 57 of JEP report, this is an aspect of the 2017 valuation that JEP tried to kick into the long grass. #USS appears to be insisting that this nettle must be grasped now. (Apologies for mixed metaphors. At least both botanical.) 6/
#USS had also signalled, in their 16 Oct response to @Sam_Marsh101 & me, a renewed emphasis on concerns over the short-term gap to self-sufficiency (aka short term risk & reliance). See this tweet & ones below: 7/
.@UniversitiesUK employers, however, were absolutely right to have strongly resisted #USS's call for automatic triggers of higher contributions in the event that the short term gap to self-sufficiency became too great. I explain why in this blog post: 8/
medium.com/@mikeotsuka/whโฆ
medium.com/@mikeotsuka/whโฆ
๐As I read the above, #USS is signalling that they will resist full acceptance of JEP proposals. In particular, they will not accept a postponement of consideration of the need for automatic triggers to phase 2 of JEP. 10/
In light of the above, it is essential that @ucu, @UniversitiesUK, & their actuaries come together to exert maximum pressure on #USS to accept JEP in full. 11/
They need to jointly demonstrate that, just as analysis by JEP & @Sam_Marsh101's findings have revealed significant & demonstrable flaws re Test 1, #USS's approach to short term reliance also fails to withstand scrutiny. 12/
If @ucu & @UniversitiesUK are unable to do so, it will be impossible to continue to provide existing benefits at JEP's proposed 29%. Either contributions forced to rise beyond 29%, benefits cut, or indefensible triggers imposed. Sadly, a recipe for further industrial action. 13/
Links to 1. #USS letter of 23 October & 2. Birmingham uni's response to JEP consultation. 14/14
1. intranet.birmingham.ac.uk/finance/documeโฆ
2. intranet.birmingham.ac.uk/finance/documeโฆ
1. intranet.birmingham.ac.uk/finance/documeโฆ
2. intranet.birmingham.ac.uk/finance/documeโฆ
PS: 23 October #USS letter also indicates that, in the event of a 31 March 2018 valuation, the next triennial valuation would be a year later too (as at 31 March 2021 rather than 31 March 2020).
