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USS defends pension consultation amid controversy


The Universities Superannuation Scheme has hit back against claims it was “misleading” in how it presented the Pension Regulator’s views in consultation documents published earlier this year.

In an “exceptional” statement published on 18 June, the pension scheme stressed that although it accepted that The Pensions Regulator does not take a “gilts-plus” approach to measuring discount rates—as the USS had written in a consultation on the 2018 valuation of the pension fund—employers taking part in the consultation “had full, clear and comprehensive information”.

“In hindsight, the USS could have discussed the two sentences it included in the consultation document with the regulator in advance—and it will certainly do so in future. But, fundamentally, the views of the regulator are crystal clear to both the USS and to the scheme’s employers,” the USS wrote in yesterday’s statement.

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