10 March 2022
Ruth Turner, Membership Officer
USS benefit changes to go ahead from 1 April 2022
The USS Trustee has approved the changes to benefits from 1 April 2022 that the Joint Negotiating Committee (JNC) approved (by casting vote) on 22 February in order to conclude the 31 March 2020 valuation of USS, writes Rebecca Dodd, Head of Mercer’s Higher Education Group.
The changes
Confirmation of the changes was issued to heads of participating USS institutions on Tuesday 1 March 2022.
Benefits – for service from 1 April 2022
Contributions – from 1 April 2022
Covenant support measures
Note: metric testing (including metric E on pari passu) excludes those with assets and income under £50m and those on “limited participation terms” like many post 92 universities
Response
What can you do?
Here are some things you might want to consider:
Important notes
This note has been prepared for UHR to give an overview of the changes to USS from 1 April 2022. Mercer does not accept liability or responsibility to any party in respect of this note. You should not take or fail to take any action based on this note without advice. The information provided is my interpretation of the changes based on publicly available information at 7 March 2022. If there is any difference between this note and the information available from USS, then USS is correct.
Rebecca Dodd
Head of Mercer’s Higher Education Group
0113 394 7675