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USS seeks to finalise fraught 2017 pension valuation

The board of the Universities Superannuation Scheme has formally opened a consultation with employers to conclude the 2017 valuation of the pension scheme.

The value of the beleaguered pension fund is at the heart of a bitter row between university staff and their employers. An initial valuation of the fund up to the end of March 2017 suggested a deficit of £7.5 billion, leading Universities UK (UUK)—which represents university leaders—to recommended that the scheme be changed from a defined–benefit to a defined-contribution scheme, producing uncertain returns for employees.

But the exact deficit has been disputed. On 22 November this year the USS said it would carry out another valuation of the pension fund as it stood at 31 March 2018, but it still needs to complete its 2017 valuation to comply with the law.

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