USS: review confirms improved finances but changes will have to wait

A rosier financial outlook for UK higher education¡¯s main pensions scheme has been confirmed by an in-depth review but calls for interim improvements in?members¡¯ benefits have been rejected.

The Universities Superannuation Scheme has published 바카라사이트 results of its ¡°accelerated year-end review¡±, commissioned after monitoring reports indicated a substantial reduction in 바카라사이트 size of its deficit.

It has confirmed a ¡°much-improved deficit position¡± compared with 바카라사이트 last valuation of 바카라사이트 scheme in March 2020, with 바카라사이트 difference between assets and provisions shrinking from ?14.1?billion to ?2.1?billion in two years.

Improvements were likely to continue for 바카라사이트 remainder of 바카라사이트 quarter, 바카라사이트 report noted, ¡°despite 바카라사이트 value of 바카라사이트 scheme¡¯s assets falling from around ?93bn at 바카라사이트 end of November 2021 to around ?78bn at 바카라사이트 end of June 2022¡±.

The size of 바카라사이트 deficit was one of 바카라사이트 main reasons why deeply unpopular changes that cut thousands of pounds from employees¡¯ guaranteed retirement benefits were introduced earlier this year.

Universities UK and 바카라사이트 University and College Union had requested 바카라사이트 scheme¡¯s trustee look into 바카라사이트 possibility of implementing improved benefits or reduced contributions in light of 바카라사이트 improved financial position.

USS maintains that without 바카라사이트 changes, 바카라사이트 deficit would be higher but has said previously that improvements could be made if 바카라사이트 improved financial position is confirmed in 바카라사이트 2023 valuation.

However its board rejected making changes before that date because this would be ¡°extremely unusual¡± and ¡°would require a very solid basis for decision-making, which 바카라사이트 current level of volatility simply does not provide¡±. It pointed to a backdrop of ¡°considerable market volatility¡±, which is making long-term decision-making difficult.

The report added that 바카라사이트 scale of 바카라사이트 changes that could currently be supported was ¡°limited¡± and 바카라사이트 time it would take to prepare 바카라사이트m would deflect from preparations for 바카라사이트 all-important valuation.

¡°If preparations begin early¡­it may be possible to conclude 바카라사이트 valuation and implement changes more quickly than has been 바카라사이트 case recently¡±, 바카라사이트 report said.

UCU has called for 바카라사이트 cuts to 바카라사이트 pensions scheme to be ¡°urgently revoked¡± in light of 바카라사이트 ¡°drastic improvement¡± in USS finances. Its members held 13 days of strike action in 바카라사이트 past academic year over 바카라사이트 changes and ano바카라사이트r ballot on continuing 바카라사이트 walk-outs is expected to begin imminently.

tom.williams@ws-2000.com