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Regulator’s ‘grave’ pension concerns

A leaked letter from The Pensions Regulator to the chairman of the Universities Superannuation Scheme has revealed serious misgivings about a new option to resolve the 2018 fund valuation.

The leak came at a difficult time for the troubled pension scheme, with Trinity College Cambridge refusing to deny reports that the college’s council has voted to leave the USS.

On 7 May the USS made a fresh offer to resolve the long-running dispute over the valuation of its pension fund, proposing an option for 30.7 per cent joint contributions to be shared between employers and employees. But in an email posted on the website Academic Freedom Watch, Mike Birch, director of supervision at The Pensions Regulator, wrote to David Eastwood, chairman of USS, a week later demanding information about the new offer.

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