• Home
• News and Updates
• USS Accelerated Year-end Review 31 March 2022

USS Accelerated Year-end Review 31 March 2022

26^th July 2022

The USS Trustee has now published a more detailed briefing note on the results of their Accelerated Year-end Review as at 31 March 2022.

The headline results are shown below:

• A much-improved deficit position at 31 March 2022 compared with 31 March 2020 (£2.1bn v £14.1bn)
• Similar future service contribution requirements to those currently being paid (24.8% v 25.2%)
• Without the 2022 benefit changes (but allowing for the improved covenant support package put in place for the 2020 valuation) the indicative position at 31 March 2022 would be a future service rate in excess of 36% of pay and a deficit of more than £3bn.

The briefing note states that the quarter ending 30 June 2022 is likely to show a continuation of the positive trend for scheme funding, as seen more broadly across UK pension schemes, but we await the detailed figures from the USS Trustee.  Further details are available in briefing notes sent to VC’s and Principals.