USS annual statement

USS scheme members should have received a statement from USS explaining that the fund has reported a deficit. There was some coverage of this on BBC Newsnight. For your information, please find below that statement agreed by the UCU and the employers:

Employer and UCU joint statement regarding USS funding position

USS is not alone in having to deal with funding issues and volatility of this kind; similar issues are facing other defined benefit schemes throughout the UK.

A joint funding and benefits group, comprising employer representatives and the UCU (as representative under the USS rules for all scheme members) was established in 2012. This group's remit includes the need to take account of the funding position of USS and our objective is to secure an attractive, affordable and sustainable scheme for members and employers in the long term.

Through this group the process is already under way for discussions between the employers and the UCU and discussions are expected to run up to and beyond the March 2014 triennial valuation.

All options remain under discussion and it is too early to be drawn on what the parties will believe to be the right plan for the scheme for the long term.