To: The USS trustee board

USS must show its workings

USS must show its workings

USS should make its draft valuation report and all associated papers on methodology and inputs public as a matter of urgency.

Why is this important?

The current valuation of the USS pension scheme is critically important to its members, as the results may well lead to cuts to benefits or contribution increases. The assumptions and methods that USS have used in their valuations have caused significant controversy in recent years and continue to do so.

On 1st September 2017, USS released a 58-page report to university finance directors with detail on the calculations behind their valuation figures, but this report has not been made available for public scrutiny.

This lack of transparency is indefensible and should be of huge concern to all USS members, who have as much right as their employers to see the workings behind any figures USS produces and need to be sure that any claims of unsustainability are properly justified.


Reasons for signing

  • Because the USS cannot clearly be trusted to be doing the best for its members.
  • The USS position is ludicrous - more-or-less saying the answer is 42. How can actuarial calculations be verified by those most affected by reduction in pension benefits if the basis of the calculations is not made crystal clear and in the public domain? Adam
  • paying into USS


2017-09-21 10:45:58 +0100

Encouragement from Frank Field MP!

Frank Field MP has responded to the petition, showing support for our aims.

He writes: "the USS is a singular scheme in many respects, not only by virtue of its sheer size and its multi-employer sponsor base, but also due to the sector it serves and the consequent weight of expertise and intellectual rigour that its members are able to bring to bear on the scheme’s workings".

He also added "I hope that you and your colleagues are successful in your efforts to obtain the greatest possible transparency and accuracy in the assumptions used to calculate the scheme’s funding position. The consultation on the draft valuation report can only be a meaningful exercise if it is based on robust and valid assumptions that are clearly understood by sponsoring employers and scheme members alike", and asked to be kept informed.

We are still awaiting a response from USS...

2017-09-19 19:38:30 +0100

Press coverage: Academics urge universities’ pension fund to explain shortfall

The trustees of the UK university sector’s £60bn retirement fund are facing pressure from academics, including leading statistical experts, to explain a growing funding hole in the scheme.

Read more

2017-09-19 19:34:28 +0100

Petition sent to USS!

The petition was sent to USS a few days ago, with a covering letter to Bill Galvin (USS CEO) copied to all trustees and also to Frank Field MP (Chair of the Work and Pensions Committee).

You can read the covering letter at the link below. Will post any responses when they arrive!

Covering letter to Bill Galvin, USS CEO

2017-09-12 10:07:49 +0100

Success! University of Sheffield posts consultation document online

I'm very pleased to report that the University of Sheffield has decided to post the main consultation document online. Many thanks to all who have signed so far for helping to bring this about!

USS 2017 Actuarial Valuation Consultation Document

This is not the end of the campaign, as the document raises as many questions as it answers. Please continue to sign and share!

2017-09-08 12:31:34 +0100

1,000 signatures reached

2017-09-07 14:21:21 +0100

Press coverage: USS Members Press Pension to Disclose Secret Document

Joe McGrath, Institutional Investor, 6 September 2017

Members of the £60 billion ($78.3 billion) Universities Superannuation Scheme are petitioning trustees to disclose funding calculations they’ve shared with their employers behind closed doors.

The pension plan members are concerned that they may have to contribute more to the fund, which has a £17.5 billion deficit, or see their benefits cut when the results of USS’s triennial valuation are published next month. The petition, which began circulating Wednesday, has already attracted signatures from more than 400 members.

Read more: Read more

2017-09-06 17:46:20 +0100

500 signatures reached

2017-09-06 06:53:30 +0100

100 signatures reached

2017-09-05 19:42:19 +0100

50 signatures reached

2017-09-05 18:05:28 +0100

25 signatures reached

2017-09-05 17:11:08 +0100

10 signatures reached