Pensions: Universities Superannuation Scheme now reports surplus

One of the person in charge of USS (Dame Barker) said this last year https://www.timeshighereducation.com/blog/there-no-silver-bullet-uks-pension-dispute "Some opponents of the proposed changes to the Universities Superannuation Scheme (USS) have focused on a particular issue: the valuation date of 31 March 2020. They believe the solution is a 2021 valuation – which would be the scheme’s fourth full actuarial valuation in five years. It is argued that the 2020 valuation was fatally undermined because it was carried out in the early days of the pandemic, when global markets were crashing. Since financial markets have now recovered, a new valuation would yield a much brighter conclusion, resulting in less need for reductions in benefits. We would, of course, wish to carry out a fresh valuation if this were true. But this argument is based on a misinterpretation of our valuation process and approach. " It just shows how idiotic and/or shameless are the people in charge of USS. I could accept them being cautious. That would have been fine, but they are either lying, just because they are happy to cut benefits and make their life easier, or they are just stupid. And they don't even flinch now at the fact that people pointed them at how crazy was to act on Mar 2020 valuation....

Back to a defined benefit scheme then?!