Josephine Cumbo Profile picture
#FT Global Pensions Correspondent based in London. @PPI_Research Governor, #FT Pensions Governance Committee Staff Rep. Own views.
Sep 13, 2018 17 tweets 5 min read
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/
Sep 13, 2018 11 tweets 3 min read
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."

Sep 9, 2018 11 tweets 3 min read
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.

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.

Mar 29, 2018 4 tweets 2 min read
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."

Mar 28, 2018 4 tweets 2 min read

#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.

Mar 28, 2018 8 tweets 2 min read
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.

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)

Mar 26, 2018 8 tweets 2 min read
#UUK has responded to further questions on the #USS proposal made to #UCU Friday 23/12.

Questions and answers to follow

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