USS dispute: summing up the last month or so

9 November: Universities UK has said that ‘it is clear that there is support from most employers for the JEP’s recommendations’: Clear employer support for JEP recommendations, says UUK. UCU later called this is a ‘hugely important step’ for members

21 November: further evidence released by pensions experts First Actuarial indicates that USS do not need to increase contributions to resolve the 2017 valuation

22 November: USS announce that they will be conducting a new valuation. Michael Otsuka warns that this may be an attempt to subvert JEP recommendations

12 December: Michael Otsuka releases details of an exchange he’s had with the Chief Risk Officer at USS which suggests that USS has adopted a policy of de-risking assets to the extent that it refuses to allow a significant surplus.

So, the union (broadly) agrees that JEP recommendations are a helpful way forward for securing our DB pension in the future. Employers appear to be saying (via UUK) that they do. But USS seem to be dragging their feet, and this is concerning.

One thing you can day to express your frustration at this situation is sign this petition to call for the resignation of Bill Galvin:

We will of course keep you as updated as possible.