Russell Group joint statement on USS pension scheme 2023 valuation

17 February 2023

Following the USS stakeholder update published today (17 February 2023), which sets out its monitoring analysis of the scheme’s funding position at 31 December 2022, the Russell Group, which represents 24 leading universities, has published a joint statement outlining its position ahead of the scheme’s 2023 valuation.

The USS 2023 valuation process formally begins next month ahead of an expected outcome in June. 

You can read the Russell Group joint statement below.

Russell Group joint statement on USS pension scheme 2023 valuation

"The 2023 valuation for the USS pension scheme will begin in a few weeks' time, with the outcome expected in June. Ahead of that formal process, all indications show that the scheme is in a much better financial position than previously expected. This is due to a combination of factors including the changes made to the scheme in 2022 and the current economic background with much higher interest rates.

"Should this picture hold true, we commit to working with the USS employers' group to improve benefits for employees, and to lower costs for employees and employers, while also taking steps to make the scheme more financially resilient and less vulnerable to short-term shocks in future.

"Employers are determined to ensure university staff have access to an attractive and affordable pension and a secure future. We have previously taken steps to ensure that USS remains on a stable, long-term footing, and should the scheme’s funding position improve it is right that this is also reflected in levels of benefits and contributions."