This site provides information about the consultations carried out in 2014 with the 370 employers who use USS, and the University of Oxford's responses to these consultations.
Universities UK (UUK) consulted employers over summer 2014 on some initial proposals for changes to contributions and benefits of the Universities Superannuation Scheme (USS). In parallel with the UUK consultation, the USS Trustees sought the views of employers on the financial management of the scheme. Employers were asked to submit comments on the following two papers:
- USS funding and benefits – consultation by UUK (PDF)
- Universities Superannuation Scheme: An integrated approach to scheme funding (PDF)
The University of Oxford's response (PDF) to the USS consultation was prepared by a working group set up by Council (the membership of which is set out below). The response was informed by submissions from Oxford USS members, who were invited in a letter to USS members (PDF) from chair of the working group, Dr Stephen Goss, and Director of Finance Giles Kerr to submit comments.
Draft triennial valuation and Oxford’s response
The draft actuarial valuation of the USS scheme (PDF) for March 2014 was completed by the USS Trustee in October 2014. It was subsequently made available for comment by employers via UUK.
The University of Oxford's response (PDF) to the proposed USS valuation was prepared, in consultation with the University’s independent actuary, by the working group set up by Council to respond to the consultation in the summer on proposals for benefit reform.
In the light of feedback received to the employers’ consultation in the summer, UUK revised its proposal in October 2014. Further revisions to the proposal were put forward in discussion with the University and College Union in January 2015, and the joint proposal was agreed by the USS Joint Negotiating Committee on 29 January 2015.
The employer statutory consultation with individual scheme members on the proposals took place from 16 March to 22 May 2015.
Membership of the University of Oxford working group
Dr Stephen Goss, Pro-Vice-Chancellor (Personnel & Equality) – Chair
Ms Jayne Almond, External member of Council
Mr David Norgrove, External member of Council
Malcolm Bradbury, Head of Administration, Department of Physics
Professor Gordon Clark, Social Sciences Division
Professor Richard Hobbs, Medical Sciences Division
Gwilym Hughes, Bursar, Nuffield College (summer 2014)
Rory Maw, Bursar, Magdalen College (from November 2014)
Dr Frances Lannon, Principal of Lady Margaret Hall
Dr Stephen Parkinson, Humanities Division
Sir Jonathan Phillips, Chairman of the Conference of Colleges