Thread by @JosephineCumbo

I have received responses from #USS regarding the role of the joint expert panel in relation to the 2017 #USS #pension review.

Questions and answers to follow.

1/

Q: What is the fallback position for #USS on the 2017 valuation if the joint expert panel does not reach agreement?

A: The trustee must look to follow its duties under scheme rules and the law (cont)

2/

A: (cont) and with its fiduciary duties as soon as reasonably possible. The trustee has recently completed a robust, independent and considered valuation, in which it has full confidence and which - absent new material evidence - is the basis for the next steps. (cont)

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A: (cont) We will be consulting with the Regulator on issues relating to the statutory deadlines.”

Q.2: Could the USS proceed with the valuation as agreed by the JNC on January 23 2018?

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Q.2A: “The only extant instruction to the trustee from stakeholders is contained in that resolution, and we have asked the JNC to clarify its intentions in this regard.“

Q.3: What other options are open to the USS in the event agreement is not reached by the expert panel?

5/

Q.3A: “The trustee must complete a valuation, whether the expert panel makes any new suggestions or not. We have indicated to the JNC the level of contributions required to support current benefits, having analysed the issues thoroughly. (cont)

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Q.3A: (cont) It’s important to state that we have already taken substantial independent advice from different professional firms at each stage of the valuation, and on the robustness of the final outcome and process. (cont)

7/

Q.3A. (cont)

The trustee has full confidence that the valuation provides a solid basis for moving forward, and will do that absent any new evidence.“

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