The latest information provided by the USS Trustee suggests that the forthcoming 2023 valuation is likely to reveal a high probability of being able to improve benefits and reduce contributions.
Should this be confirmed, this would allow for a return to a comparable level of future benefits as existed before the April 2022 changes, as well as achieve a reduction in costs for members and employers. We jointly agree to prioritise the improvement of benefits in this way, where this can be done in a demonstrably sustainable manner.
We are committed to working together so that this, and future, valuations are undertaken on a moderately prudent and evidence-based basis, taking account of the open and long-term nature of the scheme. We will explore together a long-term solution for managing risk which can provide more stable and sustainable defined benefits and contributions, whilst protecting scheme members’ long-term interests, and so that we do not return to dispute at each valuation.
We agree, in relation to these aspects, to work together on a constructive dialogue with the Pensions Regulator and the DWP.
