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Felicity Callard @felicitycallard
, 10 tweets, 11 min read Read on Twitter
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"… 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… 3/ screen shot of p. 45 of document linked to in tweet
Beyond that, Bill Galvin maintains his commitment to NOT RESILING (on pretty much anything – including on Test 1): #ResileAndResubmit 4/
He also helpfully describes #USS Trustee's approach as a "pragmatic, middle-way approach to managing pension solvency" (Ah! #joyofthemiddleway #joyofpragmatism). And look at the work that those italics are doing there; the onus is all on #UUK, again.… 5/ screen shot of part of web site linked to in tweet
And we have, yet again, another communication from Bill Galvin (Executive) representing the position of the #USS Trustee (the decision maker). (Remember: @FirstActuarial's critique of the silence of the #USS Trustee during 2017 valuation:…). 6/
Finally, I'm sick to back teeth w how both #USS & #UUK in their communications of last couple of weeks have managed to turn entire conversation into one of "employers taking more risk" – thereby sidestepping #JEP's profound critique of #USS valuation methodology as a whole 7/
Expect a @USSbriefs in the next few days which will pick up some of these points in more detail


#ResileAndResubmit #JEP #USSstrike #YesUniCan END
I don’t know about you, friends, but I’m exhausted w #USS #UUK #TPR game-from-hell. We’ve offered so much action (#USSstrike) & evidence (#JEP, @Sam_Marsh101 @MikeOtsuka @USSbriefs) & we are faced w so much intransigence. We’re not out of the woods yet
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