Motion to SHESC on transparency and the USS Joint Expert Panel

Motion for SHESC: transparency and the USS Joint Expert Panel

Conference notes:

  • that satisfactory recommendations from the UCU-UUK Joint Expert Panel (JEP) are crucial to acceptable resolution of the USS dispute;
  • that the lack of transparency severely undermined confidence in the 2017 USS valuation process;
  • that the current Terms of Reference make both submitted evidence and discussions among the JEP confidential.


Conference resolves:

  • That UCU will accept any JEP recommendations as authoritative only if accessible and convincing explanations of the following are provided:

(i) the evidence and reasoning by which any Scheme deficit or surplus is calculated by the JEP, in light of the high level of actual investment returns;

(ii) the evidence and reasoning used by the JEP to estimate of the strength of the employer covenant;

(iii) the evidence and reasoning underlying the JEP’s calculation of the contribution rates needed to fund various levels and types of future defined benefits.

 – Motion carried

12 June 2018