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BREAKING: The £67bn #USS pension scheme will in March launch a discussion paper on changes to the way it values its liabilities.

The scheme is at the centre of a pensions dispute between university workers and employers over contribution hikes, demanded by #USS.
The #USS trustee has been reviewing the methodology approach for the 2020 Valuation since the summer and has been in discussions with #UCU and #UUK over potential changes.
#USS said the the review of its valuation methodology has been "wide-ranging" and has considered aspects of the methodology that were proposed by the stakeholder’s Joint Expert Panel, including dual discount rates.
#USS "The trustee will begin to discuss these issues with employers shortly and expects to publish a document to support those discussions in early March."
If the review resulted in a change to valuation methodology applied by the #USS, it would be a ground-breaking development in the history of DB schemes in the UK.
#USS has confirmed that a discussion document on changes to its valuation methodology will be available to members and published on its website.
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Josephine Cumbo
@JosephineCumbo
#USS is not making public the secret legal report which led to the sacking of #USS trustee and whistleblower, Prof Jane Hutton.

Prof Hutton had provided formal consent to #USS for an Executive Summary of the report, prepared by legal firm Slaughter & May, to be published.

MF
I asked #USS whether they would now publish the Exec Summary, given Prof Hutton had consented to this.

A USS spokesperson said: “As Prof Hutton has initiated legal proceedings against USS, we cannot now comment further on matters that may be the subject of such proceedings.”
The report by Slaughter & May was commissioned by the #USS and investigated Prof Hutton's role as #USS trustee and executive director.

Prof Hutton was sacked from the #USS trustee board, following the report.
Read 7 tweets
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Josephine Cumbo
@JosephineCumbo
BREAKING: Professor Jane Hutton, #USS whistleblower, has been fired from her role as non-executive director of the #USS trustee board.

More to follow.
On the sacking of Jane Hutton from the #USS Board, here's what I understand:

- Sir David Eastwood, chair of the #USS trustee board, conveyed news to Prof Hutton today;
- "Material breaches of obligations" cited as reason for her role as non-exec director being terminated.
- The decision to sack Prof Hutton was made by #USS trustee board and was unanimous. The board is made up of university employer & union representatives.
Prof Hutton was appointed to the board by the University and College Union.
Read 23 tweets
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Josephine Cumbo
@JosephineCumbo
Good to catch up with Aussie pension supremo ⁦⁦@Cooperannuation⁩ at @FT towers today. Tweets to follow on developments Down Under which will be of interest to #pensions policy and market observers in the UK.
@Cooperannuation @FT Deferred annuities have been launched Down Under.

These annuities are bought at age 65 but don't start to pay an income until the policyholder reaches 85.

There has been much talk about the role Deferred Annuities could play in the UK.

2/
@Cooperannuation @FT In a real example, an Aussie who bought a $10,000 deferred annuity at 65 would receive an annual income of $1741 a year from age 85, if they survived to that age.

So the retiree has a 20-year window to spend down their capital knowing they will have a secure income from 85.

3/
Read 6 tweets

Related threads

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Michael Otsuka
@MikeOtsuka
"Leaked: Trinity has voted to leave the UK pensions scheme. If two employers exit, staff pensions may be in uncharted territory." Comments below. 1/
varsity.co.uk/news/17530
In addition to the announcement that Trinity will be buying out its past DB liabilities & leaving the #USS pension scheme, this excerpt from a letter from Bill Galvin to @AlistairJarvis provides the most significant revelation👇. 2/
This linked #USS note👇, also dated 7 May, which @USSEmployers released on 9 May, makes vague reference to the yellow-highlighted above, in the blue-highlighted passage below. 3/
ussemployers.org.uk/sites/default/…
Read 9 tweets
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Mark Taylor-Batty
@cupofassam
So, yesterday the Joint Expert Panel offered its first report on the #USS pension valuation. Here is an attempts at a ‘plain English’ account of what it says.
The history of the dispute up to the point at which the JEP was established is explained in a lengthy but plain English account here: leedsucu.org.uk/a-plain-englis…
The JEP report itself is written in very understandable way, and it is full with helpful appendices and clarifications. Nonetheless, my summary here is intended for those who feel overwhelmed by the detail of the history of the dispute, the various technical terms and so on
Read 32 tweets
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Felicity Callard
@felicitycallard
"What is clear, however, is that some universities are much better placed to weather the oncoming storm than others." S&P on financial pressures affecting English universities 1/ capitaliq.com/CIQDotNet/Cred…
Lots on capital expenditure, including: "prestigious universities can afford to halt capex in the medium term, as their reputation for high-quality teaching will continue to attract students. However, not all universities can afford to halt investment in their infrastructure" 2/
And several mentions of #USS pensions, including: "our expectation that employers' contributions to the USS pension scheme will rise by up to 6% ... We expect the next revision of the valuation to result in the need for increased contributions from employers." 3/
Read 6 tweets
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etymologic
@etymologic
Who is behind the drive to end the Defined-Benefit #USS pension scheme?
A key figure is Prof Koen Lamberts, VC of University of York, and Chair of the Employers Pension Forum (EPF).
Join me on a rambling thread 👇.
The EPF was set up by three bodies which share Woburn House in London: UniversitiesUK (UUK), the Universities and Colleges Employers Association (UCEA) and GuildHE. It shares an office & press officer with these bodies.
The UCEA is (I'm sure) behind hard-line HR advice on ASOS pay deductions at e.g. University of Leeds.
Theme 3 of UCEA's work in 2016-17 & 17-18 was " Seeking and supporting movement towards sustainable solutions in HE employers' pensions provision"
ucea.ac.uk/download.cfm/d…
Read 21 tweets
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GFDavies
@gailfdavies
Reconstructed thread on the role of consultants in "Challenging the “DB good, DC bad” viewpoint' and 'How do we make flexible retirement the norm?' for the #USS pension scheme. #ucustrike (thanks to @felicitycallard)
Here is the line for consultancy fees, including scheme change, in 2017 in the #USS accounts. uss.co.uk/~/media/docume… …. There is no information in the document about who these millions have gone to. #ucustrike
But we have clues .. here is the powerpoint presentation author (from @AonHewitt to UCEA in 2015) and the of advisors in the 2017 #USS documents
Read 11 tweets

Trending hashtags

#USSstrike #WeAreUSS #USS #UCUstrike #UCUStrikes #OpenUPP2018 #YesUniCan #NoCapitulation #ItisNotAllAboutTakingMoreRisk #WeAreTheUniversity #USSHasStillNotGivenAdequateBriefingsAboutRiskAnyway #USSstrikes #ResileAndResubmit #StrikeForUSS #USSbriefs #OXCAM #UUK #USSbriefs59 #democratizeUSS #JEP #ucustrike #TPR #ChangeIsComing #joyofthemiddleway #UCUStrike

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