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Our valuations

How the actuarial valuation works and previous valuation reports

What is a valuation?

A valuation looks at the short and long-term financial condition of USS. It calculates how much money we have and estimates how much we’ll need to pay the benefits that have been promised to our members.

It also indicates the level of contributions that need to be paid to fund the current level of benefits in the future, or whether stakeholders might need to change the benefits offered to members going forward to keep the contributions from members and employers at the current level.

By law, we must carry out a full valuation at least every three years, but we may have to do it sooner if we need to respond to changing circumstances. In years when we don’t hold a full valuation, we carry out a smaller assessment (called an interim assessment).

Our scheme actuary advises us on certain aspects of the valuation and then reports to the board. After that, we must submit the outcome of the valuation to The Pensions Regulator, who regulates our compliance with the requirements and deadlines set out in law.

If following a valuation, we decide that changes to the contribution rate are needed, the Joint Negotiating Committee is responsible for deciding how the change will be met – whether by changes to future benefits, the way the contribution rate is split between members and employers, or a combination of the two.

Our latest valuation reports

Our previous valuation reports

Financial Management Plan

Our Financial Management Plan (FMP) reports monitor the key financial measures that influence the scheme’s funding position. They track changes in market conditions and outlooks between valuations and provide a high-level snapshot of progress (or otherwise) against our funding assumptions.