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In turning down two of the main JEP proposals (pushing costs up in the process), the #USS in house team appealed to the fact that the Pensions Regulator had internal benchmarks for the discount rate that varied according to covenant strength which they shouldn't breach. 2/
The claim was that applying the JEP proposals in full would breach the regulator's internal (but unpublished) benchmarks. This, I believe, was also the advice given to the trustee board to aid their decision-making in how to incorporate the JEP report in the 2018 valuation. 3/
The existence of internal benchmarks has now been refuted by the Pensions Regulator. Not only that, but the response from #USS when questioned by @JosephineCumbo was pure diversion, just like their response to the revelations over Test 1. 4/
The integrity of the in-house team at #USS, led by Bill Galvin, is now in serious question. A large part of the HE sector is being treated with contempt by an approach to running the scheme involving totally unacceptable levels of secrecy, diversion and misinformation. 5/5
