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Challenging the USS approach to scheme funding

16 December 2016 | last updated: 16 November 2017

UCU branches have been asked to engage with local management over the valuation approach adopted in the USS triennial valuation.

The next valuation date is 31 March 2017 and the trustees are currently preparing for this.

We therefore have a very tight window to influence events and it is essential that branches engage with management.

To that end a new document has been prepared by First Actuarial - which has also been sent directly to heads of institutions - over three of the assumptions:

  • expected future investment returns relative to CPI on different asset classes
  • setting a discount rate for a statutory valuation
  • the concept of self-sufficiency and what this might mean for USS.

First Actuarial report to UCU: input to the valuation as at 31 March 2017 of USS, Dec 16 [583kb]