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Josephine Cumbo Profile picture
@JosephineCumbo
Mar 29, 2018 • 4 tweets • 2 min read • Read on X
I have asked #UUK if the March 12 ACAS proposal for #USS valuation, which was rejected by #UCU members, remains on the table.

Headline terms of this offer: £42K salary threshold for DB, 1/85th accrual and 2.5% inflation and revaluation cap.

Response to follow:
#UUK

"Discussions on benefit reform remain paused while we await the UCU response to the convening of a Joint Expert Panel.

We are committed to maintaining a meaningful DB element within any new proposal."

2/
I have gone back to #UUK on this reply as it hasn't quite provided the clarity needed on employers' position.
#UUK
"Any proposals on any future benefit reform that may be necessary for this valuation will only be developed following further consultation with employers and discussions with UCU. Employers are fully committed to maintaining a meaningful DB element within any new proposal."

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More from @JosephineCumbo

Josephine Cumbo Profile picture
Sep 13, 2018
Reading fhrough the Joint Expert Panel report and it is quite bruising for the #USS, #UUK and Pensions Regulator.

Key comments from the Executive Summary of the JEP report to follow:
Firstly, on the Trustees’ use of 3 tests to help assess contribution affordability. The Panel thought the Trustees gave “too much weight” to “Test 1” which was not being used as a “stop and check” reference point but “constraint” on benefit design and investment strategy. 1/
The Panel said that “insufficient weight” was given to the fact that USS was a large, open scheme that was cash flow positive. The “strength and diversity” of the HE sector appeared not to have been taken into account “in some areas”. 2/
Read 17 tweets
Josephine Cumbo Profile picture
Sep 13, 2018
BREAKING: #USS Joint Expert Panel, reviewing 2017 #USS valuation, has published its report.

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/
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/
Read 11 tweets
Josephine Cumbo Profile picture
Sep 9, 2018
Not pension-related

But an important thread about how YOUR personal information is being used by private-sector providers delivering NHS services.

You are probably unaware.

Read on.

1/
I was registered with online services with my local GP which allowed me to do things like book appointments and send messages to the surgery. This website was run by the clinic and was a bit clunky, TBH.

2/
Recently, my GP clinic advised that I needed to re-register for their online service.

I re-registered and on Friday received a short email offering the choice of signing up for online services with 3 websites I had never heard of before,.

Patient Access
Evergreen Life
Dimec

3/
Read 11 tweets
Josephine Cumbo Profile picture
Mar 28, 2018
BREAKING:

#UCU members to be consulted over latest #USS pension dispute proposals
#UCU general secretary Sally Hunt: "These latest proposals were won by the solid action of UCU members and now is the time for them to have their say on what happens next."

Members will be consulted next week.

2/
#UCU: "After seeking some clarification, including that the DB element of the scheme would be maintained while a joint-expert panel considers the valuation of the USS fund, the Higher Education Committee voted to put the proposals to members in a ballot."

3/
Read 4 tweets
Josephine Cumbo Profile picture
Mar 28, 2018
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)

/3
Read 8 tweets
Josephine Cumbo Profile picture
Mar 26, 2018
#UUK has responded to further questions on the #USS proposal made to #UCU Friday 23/12.

Questions and answers to follow

1/
Q: Has UUK undertaken to remove Jan23 JNC decision completely from the table?
A: As part of the jointly developed proposal agreed at Acas on 12March UUK pledged not to take forward the Jan23 JNC decision & suspended member consultation on it. This commitment remains in place
2/
Q: Is #USS bound to accept the recommendation of the joint expert panel?

A: Under legislation it is the trustee’s role to determine the scheme’s technical provisions therefore the USS Trustee cannot be bound by the findings of the Joint Expert Panel.

3/
Read 8 tweets

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