On the go: The Universities Superannuation Scheme has been forced to delay its valuation by two weeks, due to the “urgent and difficult matters relating to A-level results and admissions”.
A spokesperson at the hybrid scheme said that the postponement to the valuation, due to be published this week, has been agreed with Universities UK.
“We have been clear throughout the process that, given the unprecedented circumstances in play, the timetable for the 2020 valuation will be kept under regular review,” the spokesperson added.
“Consistent with this commitment”, the USS and Universities UK, which represents the sector, have agreed to reschedule the formal launch of the technical provisions consultation to September 7.
Employers will then have eight weeks — until October 30 — to “consider and make clear their views to UUK, which will provide a consolidated response to us thereafter”, the spokesperson said.
The USS reported a £12.4bn funding deficit as of March 31 2020, largely as a result of falling interest rates and “the devastating impact of coronavirus on global markets”.
The deficit figure was based on liabilities updated from the scheme’s 2018 valuation, amid an ongoing dispute between members and employers as to how to calculate the USS’s future pension promises.
