Response from the VC on USS
Dear Sam and Matthew,
Thank you for your email.
Like you, I welcome the ACAS-facilitated talks between UCEA and the joint trade unions in the dispute over pay and conditions, and I hope that they are productive and result in an agreement.
Thank you for your summary of UCU’s position on the USS dispute. As you know, we have reconvened the USS Valuation Working Group, the purpose of which (as outlined in the terms of reference) is to collectively aid the University’s understanding of matters relating to the USS pension scheme, and to inform its response to employer consultations in a way that is evidence based and represents the views of scheme members and the University.
The University’s current position on the USS valuation is articulated on the following webpage, which states our support for:
- Governance reforms in USS;
- Development of lower-cost options, to enable more staff to participate;
- The exploration of other measures to support the scheme’s long-term sustainability, potentially including conditional indexation.
The University Executive Board intends to provide an institutional response to the valuation, and for this response to be informed by the collective views of UEB and the USS Valuation Working Group. Clearly, the outcome of the 2023 valuation will be key, but it remains my view that, if the financial health of the scheme allows it, improving member benefits should be the priority.
I look forward to seeing the reports from the USS Valuation Working Group to inform the University’s response to the USS Valuation.