After more than ten meetings and careful consideration of the state of the USS pension scheme’s finances, the USS Joint Expert Panel (JEP) has concluded that the way the scheme has been valued to-date could be much improved.

In diplomatic language, the JEP confirms what a wide range of independent critics of USS valuations, including UCU and their actuaries First Actuarial, last year argued.

The JEP comments that the much-challenged ‘Test 1’ had “assumed too much weight in determining the valuation” and call for a re-evaluation of the sponsor covenant. The report’s authors say that “greater weight should be given to the unique features and strengths of the higher education sector” — echoing what many of us have been saying throughout. Continue reading →