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Josephine Cumbo @JosephineCumbo
, 4 tweets, 2 min read Read on Twitter
I have asked #UUK if the March 12 ACAS proposal for #USS valuation, which was rejected by #UCU members, remains on the table.

Headline terms of this offer: £42K salary threshold for DB, 1/85th accrual and 2.5% inflation and revaluation cap.

Response to follow:
#UUK

"Discussions on benefit reform remain paused while we await the UCU response to the convening of a Joint Expert Panel.

We are committed to maintaining a meaningful DB element within any new proposal."

2/
I have gone back to #UUK on this reply as it hasn't quite provided the clarity needed on employers' position.
#UUK
"Any proposals on any future benefit reform that may be necessary for this valuation will only be developed following further consultation with employers and discussions with UCU. Employers are fully committed to maintaining a meaningful DB element within any new proposal."
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UPDATE on 2017 #USS valuation.

Universities UK has told me:
“Employers support the JEP’s recommendations, subject to acceptance from the USS Trustee and The Pensions Regulator, and to further information for employers on risk and its implications.”

1/
#UUK: ”We look forward to discussions with UCU, and with the USS Trustee, over the coming weeks as we seek a jointly agreed solution.”
2/2
#UUK has further clarified that employers support “all of the recommendations put forward by the panel” – subject to the conditions outlined in earlier tweeted statement.
Read 14 tweets
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#USS has sent a further statement responding to questions on their statement this morning. USS was asked whether the figures, released to @Sam_Marsh101 last week, were also shared with the Joint Expert Panel and where they found errors with his analysis.

Response to follow:

1/
USS: "We provided all of the information and analysis that was requested by the Joint Expert Panel. Given that it ignores downside risk, the approach Dr Marsh looks to support by using asset projections alone is not applicable in the context of USS.

2/
USS: As such, it was not requested by - or provided to - the JEP or employers. It is not as fundamental to the valuation approach as Dr Marsh seems to believe or as recent commentary would suggest.

3/
Read 12 tweets
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Reading fhrough the Joint Expert Panel report and it is quite bruising for the #USS, #UUK and Pensions Regulator.

Key comments from the Executive Summary of the JEP report to follow:
Firstly, on the Trustees’ use of 3 tests to help assess contribution affordability. The Panel thought the Trustees gave “too much weight” to “Test 1” which was not being used as a “stop and check” reference point but “constraint” on benefit design and investment strategy. 1/
The Panel said that “insufficient weight” was given to the fact that USS was a large, open scheme that was cash flow positive. The “strength and diversity” of the HE sector appeared not to have been taken into account “in some areas”. 2/
Read 17 tweets

Related threads

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🚨🚨🚨#USS has released their consultation on the 2018 valuation. Headline figure is that the best case scenario they're offering to members is a 3.7% increase in contributions to preserve the DB & DC status quo (minus the 1% match). 1/
ussemployers.org.uk/sites/default/…
This is 0.4% higher than the 3.2% increase that JEP modelled. If split 65:35 between employers and members, that would imply +2.4% employer contributions & +1.3% member contributions. 2/
In order for #USS to accept this best case scenario, they write that "a combination of contingent contributions [automatic triggers] and negative pledges would be the most appropriate means of providing acceptable support" of increased investment risk. 3/
Read 50 tweets
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As I mention in this linked thread, @ucu's policy regarding #USS will be determined in a conference in Manchester tomorrow. There I comment on a number of motions. Below, I detail my reservations over Motion 5 in particular. 1/
Here is the action called for by Motion 5 (which was proposed by @leedsucu): 2/
I explain in this linked blog post, and those to which it links, why I oppose clause a and won't say anything further here about it. 3/
medium.com/@mikeotsuka/wh…
Read 21 tweets
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🚨🚨🚨Alerting #USS members: today, tomorrow, & Wed are important days, since @ucu's position re #USS & JEP proposals will be set by the end of special sector conference Wed afternoon. By noon today, we should learn what motions have made it onto the agenda (see highlighted): 1/
One big question is whether 2 motions of the National Dispute Committee (NDC) will be ordered onto Wed's agenda. See this tweet, including further tweets & comments below: 2/
Without taking a view as to whether it should be ordered onto Wed's agenda (and perhaps the *procedural* case for doing so is strong), here's my take on the *substance* of NDC motion 1. 3/
Read 25 tweets
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.@UniversitiesUK has just published the consultation document on the JEP report that they've sent to employers. (Link.) Some 'live-tweeting' of my reactions as I read this document in real time. 1/
I see that the pdf is protected in a manner that makes it impossible to cut and paste. Gratuitous and annoying. I'm now wasting time creating a cut-and-paste-able version. 2/
My efforts have been defeated. So I'm going to need to waste more time making and cropping screenshots. 3/
Read 40 tweets
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Okay. I'm live-tweeting again. In a very welcome recommendation, JEP recommends that FOR THIS 2017 valuation, USS revert to the Sept proposed 10 year delay in de-risking and increase Test 1 permitted outperformance of low risk self-sufficiency portfolio from £10 bn to £13 bn. 1/
The increase in permitted outperformance (aka 'reliance on the covenant' or 'gap to self-sufficiency') would simply involve an assumption of growth in the payroll by CPI rather than prudent downward adjustment below CPI. 2/
Actually, I see that the move from £10 bn to £13 bn was a joint suggestion of @Aon & @FirstActuarial (i.e., @UniversitiesUK & @ucu actuaries, but who provided *independent* advice to JEP). JEP recommends increase in gap but doesn't specify a figure. 3/
Read 66 tweets
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🚨😱😥Calling all #USS members: Please read this, weep, and then retweet.
medium.com/@mikeotsuka/wh…
👆Tagging @Sam_Marsh101 @Flibitygibity @carlomorelliUCU @DaveGuppy @RedActuary @Derek_Benstead @kevinwesbroom @ucu @UniversitiesUK @USSbriefs @OpenUPP2018 @JosephineCumbo @henryhtapper @AlistairJarvis
Read 20 tweets

Trending hashtags

#USS #USStrike #GroundhogDay #USSstrike #USSbriefs40 #UUK #JEP #joyofthemiddleway #2018or2017 #USSStrikes #techguru #aesthetic #UCUstrike #OpenUPP2018 #UCU #ItisNotAllAboutTakingMoreRisk #USSstrikes #ussstrikes #YesUniCan #Köthen #USSHasStillNotGivenAdequateBriefingsAboutRiskAnyway #ResileAndResubmit #ucustrike #NoCapitulation #USSbriefs44

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