Discover and read the best of Twitter Threads about #JEP
Most recents (9)
Given importance of HE sector "there may be a case for future governments to consider alternative options" (incl "state-backed guarantee" or "measures enabling more risk-taking"). Powerful piece from @JMariathasan on #USS DB debate post-#JEP ipe.com/analysis/blogs… #USSstrike 1/
Article argues that central problem lies in regulatory changes that transformed management of a DB pension scheme into "a risk management problem, not an investment one" 2/
More info about the @CSFI1 debate over #USS and DB pensions discussed in @JMariathasan's article at @OpenUPP2018
See:
And: 3/
See:
And: 3/
If university senior managers approach comms like this it's gonna be long while before they get trust back:
UCL Provost on #JEP "With the stock market performing more strongly...since the original valuation, the deficit is reduced" – blithely ignoring all substantive JEP points
UCL Provost on #JEP "With the stock market performing more strongly...since the original valuation, the deficit is reduced" – blithely ignoring all substantive JEP points
When I first saw UUK's USS briefing slide, I thought they'd finally acknowledged need to improve modes of engagement, consultation, deliberation, communication.
But no, it's all about standardising their one-way messaging of 'facts' from UUK ▶️ universities ▶️ outwards
2/
But no, it's all about standardising their one-way messaging of 'facts' from UUK ▶️ universities ▶️ outwards
2/
Epistemic & political challenges proliferate – but many actors insist ever more firmly that all that is needed is better one-way communication of (their) facts.
For those of us interested in #STS/public engagement w sci, the comms surrounding #USSstrike are quite something. 3/3
For those of us interested in #STS/public engagement w sci, the comms surrounding #USSstrike are quite something. 3/3
So with the publication of the #JEP, the issue of UUK consultations with employer institutions is back big time. Both the famous Sept 2017 survey – and now the possibility, if JEP recommendations are taken up, of UUK reassessing employers' appetite for risk.
I'm worried. 1/
I'm worried. 1/
#JEP has emphasised the problems with how UUK framed the questions. What's really obvious if you look back Sept survey is that all the focus is on risk and on a *reduction to benefits*. And NOT on the potential to increase contributions. Or on amending the technical provisions 2/
You can see the structure of the questions here, in Nottingham's response (one of the institutions that wanted less risk): whatdotheyknow.com/request/440685… 3/
2. #JEP has a lot to say about Test 1. Its sentence 'The view of the Panel is that Test 1 is not well understood outside of USS' is ... well ... certainly marvellously diplomatic.
Cf. and 6/
Cf. and 6/
3. #JEP's discussion of #USS's & #UUK's 'differing perspectives' on the shift from Sept to Nov valuation shows just how murky the deliberations that resulted in this shift still are.
This remains a big issue, given #JEP proposal to reassess employers' atttude to risk (p. 45) 7/
This remains a big issue, given #JEP proposal to reassess employers' atttude to risk (p. 45) 7/
4. #JEP agrees w many of us that UUK's 'framing' of questions around risk in their consultations has serious consequences.
How can we be confident that any future assessment of employers' risk appetite by UUK shows an improvement in their use of social scientific methods? 🧐 8/
How can we be confident that any future assessment of employers' risk appetite by UUK shows an improvement in their use of social scientific methods? 🧐 8/
After a few weeks away from Twitter, I'm back to think – alongside many others – about content & rhetoric of the #JEP.
And abt what we at @USSbriefs have been doing all summer w @OpenUPP2018 to encourage deliberations over #USS valuation to take place in public #USSstrike 1/
And abt what we at @USSbriefs have been doing all summer w @OpenUPP2018 to encourage deliberations over #USS valuation to take place in public #USSstrike 1/
Many (incl. @NJSHardy @gailfdavies @DrJoGrady @etymologic @MikeOtsuka) have already provided cogent analyses of the #JEP report & its implications. So here I'll just going to pick out some of what has struck me most forcefully on a first read. #USSstrike 2/
1. There's a judicious use of rhetoric – particularly around 'confidence', '(mis)understanding' & 'communication'. This cleaves closely to that used by #UUK & Bill Galvin – whether that is deliberately so as to increase likelihood of acceptance by those parties, you can decide 3/
BREAKING: #USS Joint Expert Panel, reviewing 2017 #USS valuation, has published its report.
Summary of key recommendations to follow:
Summary of key recommendations to follow:
The Panel looked in detail at the methodology, assumptions and tests employed by the Trustee, and particularly at USS’s ‘Test 1’ which underpins the 2017 valuation.
"In the Panel’s view this test has assumed too much weight in determining the valuation."
2/
"In the Panel’s view this test has assumed too much weight in determining the valuation."
2/
The Panel unanimously recommended 4 areas where adjustments to the 2017 valuation should be considered:
1. A re-evaluation of the employers’ attitude to risk, which would result in a re-evaluation of the reliance on the sponsor covenant.
3/
1. A re-evaluation of the employers’ attitude to risk, which would result in a re-evaluation of the reliance on the sponsor covenant.
3/
It's been a pretty busy week at @USSbriefs HQ.
We published @BenPatrickWill's fantastic brief on what's coming down the chute in terms of transformation of HE into performance data. An essential read – & glorious @acupunctureUSS design #USSbriefs40 medium.com/ussbriefs/numb… 1/
We published @BenPatrickWill's fantastic brief on what's coming down the chute in terms of transformation of HE into performance data. An essential read – & glorious @acupunctureUSS design #USSbriefs40 medium.com/ussbriefs/numb… 1/
We published Richard Farndale's (in consultation with @CambridgeUCU Exec) excellent set of questions for the #JEP in our @OpenUPP2018 series #USSbriefs41 medium.com/ussbriefs/cruc… 2/
We published @carlomorelliUCU's excellent submission to #JEP (in our @OpenUPP2018 series) on the wider context & political economyof EU legislation – & discount rates – around pensions #USSbriefs42 medium.com/ussbriefs/euro… 3/
"The working paper provides the required proof & argument against the flawed valuation method adopted by #USS. Using an appropriate valuation technique, the USS is found to be in surplus as large as £10bn ...": Woon Wong #USSbriefs34 on the phantom deficit medium.com/ussbriefs/indu…
Wong: "many actuarial practices should be reviewed ... [T]here is a need to examine the economics of risk & return from a long term perspective ... given ... low interest rates, de-risking can be suboptimal & extremely expensive" #USSbriefs34 working paper medium.com/ussbriefs/indu…
Wong insists that the #USS valuation can be resolved if there is appropriate time given to it: "say 2 to 3 years of proper research & discussion between all relevant academics, the actuary industry & tPR (of course these include UUK and UCU)" #USSbriefs34
We at @USSbriefs HQ have spent lots of weekends & evenings getting our first briefs ready for OpenUPP. Our efforts to Open Up the #USS Joint Expert Panel start for real today, as we challenge the epistemic landscape of #USS #pensions dispute ussbriefs.com/openupp2018/ #USSstrike 1/
Our first #OpenUPP2018 brief is 'Opening up the USS Joint Expert Panel', by me. I explain why we at @USSbriefs are so committed to Opening Up the #JEP, & provide thumbnail reflections on the 7 people who make up that closed panel medium.com/ussbriefs/open… 2/
Our second #OpenUPP2018 brief is an 'Open Letter from Academics for Pensions Justice' (@ForPension) which demands that #USS provides full disclosure of data, assumptions & the modelling approach underpinning the 2017 valuation to JEP medium.com/ussbriefs/open… #USSbriefs26 3/
