The deficit of the Universities Superannuation Scheme more than halved from £7.5 billion in the 2017 valuation to £3.6bn in 2018, according to the latest consultation on the troubled pension scheme.
On 4 January, the USS launched a consultation with employers on a new valuation of the scheme, which overlaps with a consultation on the conclusion of the disputed 2017 statutory valuation, due to close on 11 January.
In a document released for the consultation on the latest valuation, which assesses the scheme as of 31 March 2018, the USS revealed that the deficit for the scheme has dropped significantly, down to £3.6bn. It also reveals that contribution rates could decrease from a projected 36.6 per cent to below 30 per cent.
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