Letter from Russell Group to The Pensions Regulator
15 March 2021
The Russell Group, on behalf of 24 leading UK universities, has written to The Pensions Regulator (TPR).
The letter asks the regulator to release information relating to any concerns it has expressed to the trustees of the Universities Superannuation Scheme (USS) about the covenant support package and any other related issues about the scheme’s recent valuation.
The letter reiterates the commitment of Russell Group universities to provide their staff with a pension that is attractive and fair. However, the contribution rates now proposed by the USS trustees are not affordable for individuals or employers. At least 1 in 6 university staff have chosen to opt-out of the scheme and the Russell Group is concerned that if prices rise again, opt-outs will rise further still.
The Russell Group supports Universities UK’s request for a review of the latest valuation by USS trustees and like them, we accept that significant reform is needed.
However, as employers and staff begin the process of working with the trustees to consider the next step, it is important to understand all of the facts, including the nature and content of exchanges between USS and the regulator.
Read the letter in full here:
