USS Grace February 2022

ussgrace2022-02

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That this Regent House, as the governing body of the University,

 (i) reaffirms its commitment to adequate pension provision as an essential part of the University’s recruitment and retention strategy
 at all levels;

 (ii) notes the leading role which the University has taken, in partnership with the Cambridge branch of the University and College
 Union, in exploring ways of improving the benefits delivered to Universities Superannuation Scheme (USS) members through
 alternative scheme design;

 (iii) calls on the Universities Superannuation Scheme to undertake a new, moderately prudent, evidence-based valuation of the
 financial health of the scheme, as at 31 March 2022 if feasible;

 (iv) agrees to provide the covenant support required to facilitate a cost-sharing of the benefits currently available as of February
 2022, pending a new, moderately prudent, evidence-based valuation;

 (v) expects the University

 (a) to take every reasonable step to deliver a nationally and internationally competitive Defined Benefit pension scheme; and

 (b) to publish a Report to the Regent House by the division of Michaelmas Term 2022 on detailed alternative means of
 maintaining, in the short and medium term, the total remuneration and retirement package of the University’s USS members, in
 the event that the benefits delivered under the 2020 valuation or a new valuation are materially less than those available to
 those members as of February 2022;

 (vi) in respect of the longer-term position of the USS, expects the University to support every effort to find a solution that offers an
 attractive, sustainable, and fair pension settlement acceptable to the University’s USS members; and

 (vii) expects the University, through the Council, to keep the Regent House fully updated on progress towards these objectives.