USS proceeds with valuation ‘in the middle of a crisis’

Concerns raised over pension scheme’s ability to judge its health after virus crisis market plunge

Published on
April 15, 2020
Last updated
March 3, 2021
Source: iStock

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Reader's comments (2)

As a deferred member in my 50s this is obviously a concern. I am tempted to start my pension immediately (I was intending to wait until I retired from my current post (non-USS)), however, at least this way I can get a lump sum and some return. What I am not clear about is what are the possible worse scenarios and who can provide appropriate advice (on the USS scheme).
The problem here (as has been the case for decades) is that the pension promise is part of the remuneration package - reduce the pension on next year's contributions compared to this (or make it less reliable aka based on return on investment) and you have de facto reduced the overall financial benefit attached to the employment. The Teachers' Scheme at post '92s is unlikely to be made less generous, so a significant reduction in USS benefits hits the relative employment attractiveness of its member institutions. USS should be wrapped up into the Teachers' Scheme in my view and solve this dilemma once and for all.

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