The USS Staff Working Group was established in May 2021 to discuss matters relating to the USS pension scheme, the ongoing USS valuation and inform Imperial's position. The group has representation from across Imperial, including a representative from UCU. Members were invited based on previous expertise or experience with pension schemes or due to engagement on pensions issues.
The group will meet regularly throughout the 2023 valuation cycle to:
- Seek input and feed into consultations the views of their peers to help form Imperial responses
- Review Imperial's responses to surveys and consultations and to advise and support development of Imperial approach to the USS valuation
- Debating and contributing to support the development of options arising from the valuation process
- Advising on the approach to communication through the valuation process
- Providing an interface with other relevant areas and networks
The group is chaired by Professor Richard Craster, Dean of the Faculty of Natural Sciences. As the group meets, updates on their meetings will be posted on this page.
Group membership
Professor Richard Craster
Professor Richard Craster
Dean of the Faculty of Natural Sciences, Chair of USS Staff Working Group
Professor Alessandro Astolfi
Professor Alessandro Astolfi
College Consul for Faculty of Engineering & Business School
Professor Axel Gandy
Professor Axel Gandy
Chair in Statistics, Department of Mathematics
Dr Emma Watson
Dr Emma Watson
Department Manager, Department of Brain Sciences
James Andrewes
James Andrewes
Education Office Manager, Department of Life Sciences
Dr Charlotte Kestner
Dr Charlotte Kestner
Principal Teaching Fellow, Department of Mathematics
Professor James Sefton
Professor James Sefton
Chair in Economics, Imperial College Business School
Paul Brown
Paul Brown
Mechanical Instrumentation Workshop Manager, Department of Physics
Dr Prashant Srivastav
Dr Prashant Srivastav
Lecturer, National Heart and Lung Institute
Dr Sina Stapelfeldt
Dr Sina Stapelfeldt
Lecturer, Department of Mechanical Engineering
Dr Thomas Ouldridge
Dr Thomas Ouldridge
Senior Lecturer, Department of Bioengineering
Daniel Mitelpunkt
Daniel Mitelpunkt
Head of Digital Lab, Academic Services
Support to Chair and Working Group
- Audrey Fraser – Deputy HR Director (Strategic Partnering and Reward)
- Carey Southward – Head of Pensions and Benefits
- Elizabeth Nixon – Head of Internal Communications
- Olivia Anderson – Reward and Policy Adviser
Total Remuneration Working Group
The USS Staff Working Group provides feedback and advice to the broader Total Remuneration Working Group, which discusses matters relating to Imperial's Total Remuneration Package. The group is led by the Provost, Professor Ian Walmsley.
Meeting Notes
Wednesday 29 March 2023
At the group's initial meeting, the members examined the 2023 USS valuation timeline and deliberated on the potential outcomes, offering what they hoped for. Additionally, the increase in contributions and benefits was discussed, considering the possibility of conditional indexation and understanding how such an approach would compare to the current workings of the scheme.
Friday 02 June 2023
The group met to discuss the potential implementation of Conditional Indexation within the framework of the USS scheme. The discussion explored both the benefits and drawbacks associated with Conditional Indexation. To conclude, the group members agreed that they were in support of UUK and USS, completing the further exploration of conditional indexation modelling that would incorporate regular assessments while ensuring the associated costs remain reasonable. The group also emphasised the importance of developing a transparent and easily understandable model that could effectively rebuild trust among all stakeholders involved.
Friday 1 September 2023
The group met and discussed the USS 2023 Valuation. The initial results show the scheme in surplus due to interest rates having risen over the past few years (this was in a deficit in the 2020 Valuation). The group therefore discussed whether employee and employer contributions should be decreased as a result.
The potential implications of reducing contributions, and risks involved, were considered; the volatility of the economy was discussed, and where it may leave members if this changed for the worse again. Furthermore, the repercussions of a company going under that USS is invested in was considered.
Furthermore, the members discussed when may be a good time to reduce the contributions.
The general consensus of the group was that it should be requested that contributions are reduced due to the surplus, and that this should be requested to be earlier than the usual schedule; moved to January 2024 rather than April 2024.
The subject of flexibility was also discussed, and Conditional Indexation was considered as a flexible option which could be explored further.