Thread by @robfordmancs

An increase in scheme value which USS said would take 40 years to achieve happened in 18 months, but apparently no conclusions about the direction of travel can be drawn from this

https://twitter.com/JosephineCumbo/status/1495728143612665869

So I guess we are all supposed to continue believing projections which show zero return on assets for decades - an unprecedented failure of entire economic system - as sensible and credible. USS management really providing great value for my money here

https://twitter.com/Sam_Marsh101/status/1466302556699828229

USS, after pandemic driven market crash: "This definitely shows we must cut benefits sharply right now"
USS, after (predictable and predicted) post-pandemic market recovery: "We can't draw any conclusions about anything from this"

I really am sick and tired of people paid many multiples of my salary to manage my pension money insulting my intelligence with nonsense BS like this.

Nor is recent bounce-back a post pandemic one-off. USS fund has grown continuously for most of the last eight yrs. Yet we are supposed to swallow the nonsense that they can't assume any growth *at all* for *decades* when assessing affordability of benefits

https://twitter.com/JosephineCumbo/status/1495729955082326016?s=20&t=tXy7saaf4uoYZqrztwqdmQ

See if you can spot the March 2020 point on the graph which USS thinks is a reasonable valuation to base future policy on. As opposed to any other point either side of it.

So it’s official - based on the obviously nonsensical projections outlined above, academics’ USS pension entitlements have been slashed (again)…hopefully at least done of this can still be reversed in future as the nonsense of USS projections becomes clearer

https://twitter.com/josephinecumbo/status/1496200738044792832