Update on USS negotiations

06 May 2010

Statement from the Joint Review Group

Statement from the Joint Review Group following the conclusion of negotiations regarding changes to USS

After a long period of detailed negotiation, the Joint Review Group (JRG) has been unable to agree changes to USS. The JRG has now been disbanded. At its meeting on 30 April 2010 the Joint Negotiating Committee (JNC) received formal proposals from both the employers and UCU, and these will now be considered in detail within the JNC mechanism through which a decision can be made.

The chairman of the JRG (and of the JNC), Sir Andrew Cubie said,

“I am extremely disappointed that, despite the considerable endeavours of both the employer and member representatives over the past months, the JRG has been unable to find an agreed solution to the funding challenges that face USS. I have no doubt that this is also a considerable disappointment to the many individuals who participate in the scheme and to the scheme’s participating employers. However, at the JNC meeting on 30 April 2010 formal proposals were tabled by both the employers and UCU. The JNC next meets on 7 July 2010”

Sir Martin Harris, chairman of the USS trustee company, said,

“I am also disappointed that no agreement has been reached, and I give my full support to both the employers and UCU in continuing to seek a satisfactory conclusion”

Background information

The JRG, a sub-group of USS’s JNC, was assembled in late 2008 to undertake a review of USS to determine what changes should be made to USS to ensure that it remains an attractive and affordable defined benefit pension scheme, and one that will continue to be an integral part of the remuneration package to help recruit and retain high quality staff for higher education on an ongoing, sustainable basis.

It comprised representatives from the Employers’ Pension Forum (representing USS employers) and UCU (representing USS members), together with an independent chairman, Sir Andrew Cubie, who was jointly appointed by the employers and UCU.

The JRG agreed a timetable which specified that a decision on changes to USS would be reached by the end of April 2010.

The JNC is composed of five representatives from the employers and five representatives from UCU, together with an independent chairman (Sir Andrew Cubie).

The next meeting of the JNC is scheduled to take place on 7 July 2010.

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Further information will be issued as it becomes available.