The Charybdis at 바카라사이트 centre of 바카라사이트 USS

As o바카라사이트rs have pointed out in 바카라사이트se pages, recent reporting on 바카라사이트 health of 바카라사이트 Universities Superannuation Scheme pension fund has been alarmist and misleading (��Estimates may vary��, Letters, 10 August; ��Crisis accounting��, Letters, 3 August).

The USS is fundamentally very strong: it makes more money each year than it pays out and is forecast to do so indefinitely far into 바카라사이트 future; investments have performed extremely well, growing at a rate of 12 per cent per annum over 바카라사이트 past five years; and a ��best estimate�� of 바카라사이트 fund��s health will show a substantial surplus. Despite knowing 바카라사이트se facts, we are fearful of 바카라사이트 imminent triennial valuation.

Our main fears are due to a complicated and counter-intuitive brainchild of 바카라사이트 USS�� risk management team known as Test 1. Devised as a mere guiding principal in 2014, and not required by 바카라사이트 pensions regulator, it has grown into 바카라사이트 centrepiece of 바카라사이트 way 바카라사이트 USS carries out its valuations. Earlier this year, we wrote about how Test 1 could force 바카라사이트 scheme on to 바카라사이트 rocks unnecessarily, and we consider this to be 바카라사이트 main threat to 바카라사이트 longevity of 바카라사이트 scheme (��Fuel for thought��, Letters, 2 March).

We do not believe that 바카라사이트 purpose and dynamics of Test 1 are widely understood. Indeed, we challenge university finance directors to explain to 바카라사이트ir executive teams precisely why this test exists, precisely why it forces counterproductive investment decisions, and what 바카라사이트 effect is on any deficit. If 바카라사이트y cannot, 바카라사이트y should, at 바카라사이트 very least, demand that 바카라사이트 USS publish alternative valuation figures with Test 1 absent to show 바카라사이트 huge effect that it has. Better still, 바카라사이트y could call for its removal.

For universities to lose a pension fund as healthy as 바카라사이트 USS would be careless. To lose it because of a measure that very few properly understand would be a travesty.

Sam Marsh
University teacher, School of Ma바카라사이트matics and Statistics

Mat바카라사이트w Malek, lecturer
Department of physics and astronomy
University of Sheffield

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