There should be an evidence-based, moderately prudent valuation as soon as possible. Any positive changes resulting from the next valuation of the scheme’s assets and liabilities should be used to improve member benefits and not to reduce employer or employee contribution rates from current levels.
Employers should continue to provide enhanced covenant support through the future valuation process and recognise that this should apply to any benefit proposals agreed through the JNC by either UUK or UCU.
The retention of a defined benefit element of the pension scheme that is affordable for employers and members, sustainable and at a contribution rate that will not discourage employees from participating in the USS pension scheme, is a necessary requirement to settle this series of disputes.
There is an urgent need for the national parties involved in the USS pension negotiations to work toward building and restoring trust. This should be a significant priority.