The Universities Superannuation Scheme (USS) is currently undergoing its triennial (every three years) valuation. USS, as trustee of the scheme, is legally required to do this and provide a report to the Pensions Regulator on its funding position. The valuation is to assess the long-term financial condition of the scheme and the deadline for finalising the valuation is June 2018.
USS is managed by the Joint Negotiation Committee (JNC) comprising an equal number of Universities UK (UUK) and University and College Union (UCU) representatives and an independent chair. Changes to contributions or benefits have to be negotiated through the JNC. Employers and employees have to be consulted on any proposed changes as part of the overall valuation process.
To ensure the sustainability of the scheme and following a number of meetings of the JNC, UUK has proposed changes to the scheme.
UUK has provided a briefing sheet on its proposed changes. They have also issued information to the media, which you can read here.