UPDATE: #USS has responded to claims made by @Sam_Marsh101 of a significant error in the 2017 valuation which were based on new figures provided to Dr Marsh last week by USS.
Statement from #USS to follow:
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USS: “There is no error in the USS approach. The USS valuation has been extensively reviewed by several independent experts and separately by the pensions regulator. 3/
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USS:There has been some recent commentary, based on an incomplete understanding of the scheme’s funding proposals and of regulatory requirements. We regret that these views were not shared and discussed with us prior to publication, as the fundamental issues have been (cont) 4/
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USS (cont) ...in various forms over the course of the valuation. Claims that nothing has to change in the scheme understates the risk of underpaying the economic cost of pensions today: a recovery from any subsequent downside event could be very difficult. 5/
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USS: This analysis also ignores the need for the scheme to attain a position within the risk appetite of sponsoring employers, and the time required to make such adjustments. The task of the trustee is make prudent assumptions, and to ensure that pensions can be (cont) 6/
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USS (cont): .. secure even if those assumptions prove inadequate. It is not possible or sensible to smooth these assumptions over a twenty year period." STATEMENT ENDS
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Statement to follow from
#UCU, which was sent to me before#UUS issued its repsonse. “USS has questions to answer about why it took so long to respond to the initial questions (from@Sam_Marsh101 ) To restore confidence it must be more open with scheme members (cont).. 1/Deze collectie tonen -
#UCU (cont): ....about how it has used Test 1 with regard to the 2017 valuation and respond to the issues raised by UCU members. The Joint Expert Panel will be looking further at the application of Test 1 as part of its second report.”Deze collectie tonen
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You couldn’t make it up.
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They did
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