USS Pension Update:

The Cardiff USS Advisory Group are working alongside university management to help inform responses to Universities UK (UUK) surveys.  Following the March USS valuation, UUK is consulting with employers around the methodology of the valuation and Cardiff’s recent responses are available on the staff Intranet, consultation around debt monitoring and consultation on USS technical provisions.

The current valuation suggests pension benefits of 29.4% to 37.6%, but with an indicated deficit (at 31 March 2020) ranging from £9.8bn to £17.9bn, deficit recovery would mean total contributions could range from 40.8% to 67.9% of payroll.  Even the lower estimates would be crippling for members and employers. Big decisions need to be made about the future direction the union takes on the way forward.

UUK representatives on the USS Valuation Methodology Discussion Forum (VMDF) agreed that every avenue should be explored but there is a fear that USS aren’t listening to the employers’ responses. We could end up with only minor concessions being made following this consultation.

We will keep you updated and how UCU will be responding as this process continues.