Tag Archives: USS

USS Pensions: Time for Agreement ; Michael Bromwich

The 2020 valuation of this Scheme with a deficit of £14bn led to sweeping cuts in benefits and a substantial strengthening of the financial backing (additional covenant support) provided by employers to the revised Scheme which commenced on 1 April … Continue reading

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USS disclosure- in need of a “deus ex machina”.

  Reading the latest acrimonious exchanges between the University Employers and the staff union UCU is a depressing business. UUK, who say they are taking their lead from the  USS pension scheme stand accused of underestimating the scale of the … Continue reading

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The reckless prudence of DB funding is immoral.

There are obviously complications and nuances with any pension scheme. But the fact that an erroneous, ill-timed valuation made #USS benefits unaffordable due to unnecessary deficit recovery payments is as black-and-white as any matter of pensions can get https://t.co/H7RJnnObXS — … Continue reading

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Guess what! USS isn’t bust any more!

To no great surprise for readers of this blog, the notional deficit on the USS pension scheme has all but gone away , at least according to an interim valuation of assets and liabilities in March this year. In two … Continue reading

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Cumbo calls into question pension transparency.

Case study – the pertinent question on DB funding. For this story, I spoke to an 86yr-old who worries everyday about how his wife, 9 yrs younger, will cope financially if he dies before her. He receives NO inflation rises … Continue reading

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Fair’s fair, will employers share their good news on DB with staff?

There’s more to this question than meets the eye. DB in run-off is likely to become less expensive to sponsors as inflation and interest rates increase. This should feed through to lower funding which might feed through into more equitable … Continue reading

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Woon Wong’s letter to TPR on USS’ deficit

At a recent pension conference, Woon Wong mentioned a letter sent to David Fairs which would be posted on my blog. This is the letter and I am proud to openly publish it. At the conference were a number of … Continue reading

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A USS CDC scheme “makes sense” – says the FT’s Martin Wolf

UK university pensions suffer from misplaced prudence https://t.co/F7woRK31aL @martinwolf_ calls for the USS to consider risk-sharing through CDC rather than insuring uninsurable risks. — Henry Tapper (@henryhtapper) November 15, 2021 This is the first time I have seen a mainstream … Continue reading

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The cost of guarantee and trust deficit in the USS- Woon Wong

  This blog from Woon Wong is a very welcome addition to the  evidence that USS is architect of the predicament it finds itself in. Despite a short balloting period, staff of 37 universities voted for strike action over changes … Continue reading

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Sam Marsh tweets about the (non-existent) 2021 USS valuation

Sometimes twitter throws up a thread that draws you from tweet to tweet in a way that a long blog can’t. This thread from Sam Marsh is an example. It is an exercise in controlled fury at the ineptitude of … Continue reading

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