Employers Pension Fund

11 May 2011

Outcome of the USS JNC meeting on the 10 May

The EPF has made the following statement:

An EPF spokesperson said: “EPF is pleased that the USS JNC was able to undertake the business before it yesterday.  Yesterday’s outcome follows nearly three years of intense negotiations, discussions, consultations and decision-making in the appropriate USS decision making process. Employers welcome the conclusion of the formal JNC process and await confirmation from USS about the implementation timetable. These moderate changes will enable USS to remain sustainable, attractive and affordable for all: employers and members, current and future.”

USS has made the following press statement which can be found online at http://www.uss.co.uk/news/Pages/TrusteeBoardStatement1.aspx :

Joint Negotiating Committee agrees proposed changes to USS.

The USS Joint Negotiating Committee (JNC) met on 10 May 2011 to give further consideration to the final form of the proposed scheme changes. This meeting was called at the specific request of the trustee board following a number of earlier JNC meetings that could not proceed due to the absence of the UCU nominees which rendered the meetings inquorate.

The committee agreed the proposed changes which include the modifications to the original proposals put forward by the employers at the suggestion of the trustee board following the consultation with affected employees and their representatives. The amending deed will be recommended to the USS trustee board at its next meeting with the intention of implementation later this year.

Sir Andrew Cubie, the independent chairman of the JNC said, “Whilst I was pleased that the meeting was once again quorate, I was deeply disappointed that the employers and UCU were not able to reach agreement on these important issues. In these circumstances I was again obliged to exercise my casting vote on proposals which I believe will help to ensure the long-term sustainability of USS.”

The date of implementation of the changes will be announced in due course.

A full summary of the scheme changes will be posted on the USS website shortly.