Russell Group statement of principles on USS pension scheme

24 May 2021

In response to the formal consultation with employers in the Universities Superannuation Scheme (USS) launched by Universities UK (UUK), the Russell Group has set out a series of principles it believes are key to any future discussions around the USS pensions scheme.

Russell Group universities will respond to the consultation individually reflecting each institution’s individual circumstances, but the principles will be at the heart of any response.

Commenting, Nancy Rothwell, President and Vice-Chancellor of The University of Manchester and Chair of the Russell Group, said: 

“Our people are our biggest asset and the key factor in the global success of our sector. It’s why we invest more in them than anything else and why we are determined to ensure they have a good pension and a secure future.

“Russell Group universities unanimously believe the current contribution rates are fair and affordable for all parties and should be sufficient to provide an attractive pension. We also believe reform is needed to put the scheme on a stable, long term footing and to ensure that it remains attractive and affordable for all of our colleagues.”

The full set of principles can be downloaded below.