Thread by @JosephineCumbo

UPDATE on 2017 #USS valuation.

Universities UK has told me:
“Employers support the JEP’s recommendations, subject to acceptance from the USS Trustee and The Pensions Regulator, and to further information for employers on risk and its implications.”

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#UUK: ”We look forward to discussions with UCU, and with the USS Trustee, over the coming weeks as we seek a jointly agreed solution.”
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#UUK has further clarified that employers support “all of the recommendations put forward by the panel” – subject to the conditions outlined in earlier tweeted statement.

A reminder of the 4 main recommendations of the Joint Expert Panel which reviewed the 2017 #USS valuation.
The JEP believed adjustments based on its recommendations wd see contributions only needing to to rise to 29.2% (minus 1% match) 26% current and 36.6% proposed by #USS.

The ball is now firmly back in the court of #USS and the Pensions Regulator. Will they accept the JEP’s recommendations in order to resolve this long-running dispute? Doing so would mean accepting the criticism levelled at both #USS and tPR by the JEP.

#USS UPDATE

The #USS has sent me a statement following yesterday's news that university employers are now supporting the recommendations of the independent Joint Expert Panel which found flaws in the controversial 2017 #USS valuation.

USS statement to follow:

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USS:

“We have repeatedly expressed the view that the JEP report could provide the basis for UCU & UUK to agree a way forward that could be introduced before the significantly higher phases of cost sharing increases come into effect, & we sincerely hope that comes to pass.

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USS:

“The JEP’s proposals would require employers to take on higher levels of risk – and to pay higher contributions – than they have expressed to us to date, through the valuation process.

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USS:

"We have, today (14 November), received a formal update from UUK on its most recent consultation of employers and hope to be in a position to provide members with a material update following Board discussions in the next few weeks.”

STATEMENT ENDS

#UCU issued this statement on #USS developments.

“The union is continuing to work on behalf of members to bring about a resolution to the USS dispute. The employers’ acceptance of the JEP findings is an important step & demonstrates just how far we've come in the past year.

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#UCU:

"We hope that all the key players in the dispute now fully engage with the JEP’s findings, which we believe to be a sound basis for negotiation to resolve the dispute.”

STATEMENT ENDS

Finally, and most crucially, the Pensions Regulator has also issued a statement to the FT on #USS developments.

Statement to follow:

Pensions Regulator:

“We have carefully considered the recommendations made in the report from the JEP. We are now awaiting a proposal on the way forward from the universities, union & scheme trustee & we will be keen to understand how the risk in the scheme will be supported

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Pensions Regulator:

"We are focused on ensuring that members benefits are secured.”

STATEMENT ENDS