Employer consultation in relation to proposed changes to Universities Superannuation Scheme
On 31 August 2021, the USS Joint Negotiating Committee (JNC) resolved to recommend changes to the scheme's benefit structure and contribution rates to address the funding challenges faced by the scheme. The recommended changes include 'listed changes' under legislation and therefore there is a statutory requirement for employers to consult with affected employees (active members of the scheme and those who are eligible to join) and their representatives. If the JNC's recommendations are implemented following this consultation, most of them would take effect from 1 April 2022.
Each institution with 50 or more employees in Great Britain is responsible for ensuring that a consultation which meets the statutory requirements is carried out (although all USS institutions were encouraged to consult with affected employees and their representatives). The consultation period started on 1 November 2021 and closed at 5pm on 17 January 2022. You can login here to access more information about the statutory consultation and to complete your latest task(s).
Thank you for your support. If you have any queries, please contact firstname.lastname@example.org. Further information about the 2020 Valuation is available on the 2020 valuation page of the USS website.