Following the USS stakeholder update published today (17 February 2023), which sets out its monitoring analysis of the scheme’s funding position at 31 December 2022, the Russell Group, which represents 24 leading universities, has published a joint statement outlining its position ahead of the scheme’s 2023 valuation.
The USS 2023 valuation process formally begins next month ahead of an expected outcome in June.
"The 2023 valuation for the USS pension scheme will begin in a few weeks' time, with the outcome expected in June. Ahead of that formal process, all indications show that the scheme is in a much better financial position than previously expected. This is due to a combination of factors including the changes made to the scheme in 2022 and the current economic background with much higher interest rates.
"Should this picture hold true, we commit to working with the USS employers' group to improve benefits for employees, and to lower costs for employees and employers, while also taking steps to make the scheme more financially resilient and less vulnerable to short-term shocks in future.
