Providing defined benefit (DB) pensions is an uncertain business.
The cost of future pensions promises has risen for all private sector DB schemes over the last decade or so, but there are signs that things are changing.
The financial health of the Universities Superannuation Scheme (USS) is much improved based on the USS Trustee’s quarterly monitoring data.
We expect USS to be in surplus at the current 2023 valuation, and the so-called “future service costs” (the benefits which will be earned during the rest of someone’s working life) will be substantially lower.
