Thread by @Sam_Marsh101

People have been asking me for more details on the 9 day delay I tweeted about yesterday. I'm very happy to oblige, as it illustrates very clearly what we've been up against, and why it's hard to see constructive progress being made on #USS while Bill Galvin is in post. 1/

https://twitter.com/etymologic/status/1200042540390658050

This summer, a subgroup of the #USS JNC was set up to look at modelling of the fund to get a better understand of the risks the scheme is carrying. We've been asking for such information for years, but have struggled to get meaningful data and modelling out of #USS. 2/

After years of showing very little interest, @UniversitiesUK finally joined our calls for such a group to happen. (Credit goes to @Cambridge_Uni CFO Cambridge Anthony Odgers, who joined the UUK team in the spring and is the sole member of the group from UUK.) 3/

It has been hard going, but we have been making progress. Four documents have been produced by #USS and discussed by the group, and the findings show an interesting and different perspective on the scheme's health, partcularly with regards the efficacy of de-risking. 4/

After a meeting with @DrJoGrady earlier this year, @TPRgovuk asked us to send to them a paper summarising our views on scheme valuation. In response to our paper TPR asked to see the documents from the working group which we'd made reference to. 5/

The regulator also stressed that they are "a risk based and evidence-based regulator and we intend to give your methodology and evidence our full attention", which was welcome to hear. 6/

We would have loved to send the documents straight to @TPRgovuk, but #USS assert legal rights over all such documents (and indeed tried to get those on the group to sign strict NDAs which wouldn't have even allowed us to share material with other negotiators not on the group). 7/

Instead we had to request permission from #USS, which we did on 18 November. 8/

#USS responded quickly to say they'd discuss and get back to us. Two days later, they said they wanted to discuss further at the meeting of the working group on 21 November (last Thursday). At that meeting, it was agreed that the papers would be sent to @TPRgovuk. 9/

To make sure the papers were sent swiftly, I followed this up the following day (Friday 22 November) with an email asking for them to send them by the end of the day if possible and copy us in. UUK's Odgers wrote an email in support, but no response from #USS. 10/

By Wednesday of this week there was still no response. This is at a time when there is massive strike action affecting higher education, so no rush. I wrote the below email to #USS, copying in those at the regulator who wanted to see the documents. 11/

I also tweeted as below. 12/

https://twitter.com/Sam_Marsh101/status/1199633134683402240

This illicited a response from Bill Galvin to me and Odgers. What did it say? Presumably "Very sorry for the delay, we'll get these sent asap", yes? Nope. In it, he wanted to ensure a clear understaing of "issues around accountability and protocol for regulatory engagement". 13/

He also added that "similar modelling output (of probabilities and tail risks) has been a component of the inputs to both USS investment committee and board", which seems to directly contradict what we've been told previously. I responded as below. 14/

Thankfully, the documents were sent to @TPRgovuk before the end of Wednesday, only 9 full days after we made the request. When higher education is at a standstill. Solidarity with Jane Hutton. 15/15