The giant £67bn #USS pension scheme, with more than 400,000 members, has responded to reassurances yesterday from the UK Govt over how Open DB schemes can fund their members' pensions.
Statement to follow:
Statement to follow:
The Universities Superannuation Scheme is the UK's largest private-sector DB scheme that is still open to new joiners. It is deeply impacted by proposed changes to the funding regime for DB schemes, which promise to pay secure pensions for life.
USS: “We are pleased to note that some of our concerns about the Pension Schemes Bill and its ostensible lack of focus on open DB schemes have been discussed at length in both Houses (of parliament)." (cont)
USS: "Whilst the specific amendments proposed on the face of the Bill were not carried, recent clarifications from the Pensions Minister regarding the process and principles to be followed in relation to open schemes are nonetheless encouraging.." (cont)
USS: "....and we look forward to engaging with government on the regulations in the weeks and months ahead.”
Statement ends.
Statement ends.
The USS pension plan - which serves hundreds of thousands of academics and higher education sector workers - is in the process of finalising its 2020 valuation, where contributions from employees and employers - to fund pensions - are set.
In response to a further query, the USS has said it does not believe that yesterday's assurances from Govt, on the funding approach for Open DB schemes, 'should have any impact on the current valuation'.
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