USS update: Cost sharing | University of Oxford

USS update: Cost sharing

The USS scheme trustees have now announced details of the proposed phased increases to pension contributions, starting in April 2019. Full details of the phasing can be found on the USS website here.

Under the USS cost sharing process (Rule 76.4-8), the trustees are obliged to bring forward proposals based on the existing valuation of the scheme. Employers meet 65% of any increase in contributions and employees pay the remaining 35%.

The University will consult staff fully on the USS proposals in September. Details of consultation sessions will be circulated shortly. Meanwhile, the University and College Union and Universities UK have convened a joint expert panel to discuss the USS valuation. This may result in an alternative proposals, and a separate consultation process, later this year.