May 16, 2018
“Bill Galvin shakes up USS” with Laura McPhee (formerly Pensions Insight, now USS) (YouTube, 17 October 2013)
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“Bill Galvin shakes up USS” with Laura McPhee (formerly Pensions Insight, now USS) (YouTube, 17 October 2013)
“A technical overview of the 2017 valuation - subtitled” with Bill Galvin (Vimeo, 15 May 2018).
“USS Overview” with Bill Galvin (Vimeo, 20 June 2017).
UUK: “Without changes, universities could struggle to pay staff pensions in the future”. The USS scheme “has a deficit of £6.1 billion”. (Twitter, 22 February 2018).
UCEA uses CPIH (Consumer Price Inflation including owner-occupiers’ Housing costs) to calculate Higher Education pay (Employers’ Statement 2018-19, 23 March 2018, p.2). But USS uses RPI+1% (Retail Prices Index) to calculate pensions deficit and UK government uses RPI+3% to set student loans interest rate. Because RPI (March 2018, 3.3%) is higher than CPIH (March 2018, 2.3%).
HE employers make final offer on base pay for all of between 2.8% and 2% to “highly-valued staff” (UCEA, 11 May 2018). But USS assumes pay increase of RPI + 1% (4.4%) per year.
USS actuarial assumptions: an increase in general pay growth to RPI + 1% (4.4%) per year (USS 2017 Reports and Accounts Scheme, p.106).
USS boasts about the performance of the USS Retirement Income Builder or Defined Benefit (DB) fund, even as it insists to existing USS members that alleged deficit requires slashing of benefits (USS website. Last updated in March 2018?)