UUK USS Feb/March 2017 consultation on USS’s “Methodology and Inputs for the 2017 Valuation: Initial assessment”

Roedd y cais yn llwyddiannus.

Dear University of Dundee,

Please send me any responses, and accompanying documentation, that the University made in February and/or March 2017 via the request from Universities UK (UUK) to provide views on the Universities Superannuation Scheme's (USS's) "Methodology and Inputs for the 2017 Valuation: Initial assessment".

Yours faithfully,

Mary Webb

FreedomOfInformation, University of Dundee

Thank you for your email.  If your message contains a request for
information the University will respond no later than 20 working days from
its receipt (or one month from receipt in the case of requests for your
own personal information).

If you have any questions about how your request will be managed, please
let me know.

Kind regards,

Alan Bell

Head of Information Governance

University of Dundee

Dundee DD1 4HN

The University of Dundee is a registered Scottish Charity, No: SC015096

FreedomOfInformation, University of Dundee

Dear Ms Webb,

The University has published information on pensions, including a response to a survey from 2017, online here - https://www.dundee.ac.uk/finance/our-ser.... Is this the information you require?

Kind regards,

Alan

--
Alan Bell
Head of Information Governance
Culture & Information
University of Dundee
Dundee DD1 4HN

t: 01382 384441
http://www.dundee.ac.uk/cultureandinform...

This email is not legal advice and should not be
considered in that way.

Should you wish to appeal any decision concerning
the release of information by the University please
respond to [University of Dundee request email].
The University will then review your appeal according
to the procedures at
http://www.dundee.ac.uk/information-gove... <http://www.dundee.ac.uk/recordsmanagemen...>

If you are unhappy with the outcome of that review please forward your appeal to the Scottish Information Commissioner, Kinburn Castle, Doubledykes Rd, St Andrews, Fife, KY16 9DS (www.itspublicknowledge.info/Appeal).

If you remain dissatisfied following an appeal to the Commissioner your recourse is to the Court of Session on a point of law.

dangos adrannau a ddyfynnir

Dear University of Dundee,

Please send me any responses, and accompanying documentation, that the University made in February and/or March 2017 via the request from Universities UK (UUK) to provide views on the Universities Superannuation Scheme's (USS's) "Methodology and Inputs for the 2017 Valuation: Initial assessment".

Yours faithfully,

Mary Webb

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The University of Dundee is a registered Scottish Charity, No: SC015096

Dear FreedomOfInformation,

Many thanks for your reply. I don't think the website you have linked to provides the information I have requested. That is specifically any response submitted in February or March (2017) -- rather than September 2017 -- to the consultation on USS's 'Methodology and inputs for the 2017 valuation: initial assessment'.

You can find the University of Aberdeen's response here, for example: https://www.whatdotheyknow.com/request/u...

I would be grateful if you could check your records for any response your university made in February/March.

Yours sincerely,

Mary Webb

FreedomOfInformation, University of Dundee

Thank you for your email.  If your message contains a request for
information the University will respond no later than 20 working days from
its receipt (or one month from receipt in the case of requests for your
own personal information).

If you have any questions about how your request will be managed, please
let me know.

Kind regards,

Alan Bell

Head of Information Governance

University of Dundee

Dundee DD1 4HN

The University of Dundee is a registered Scottish Charity, No: SC015096

FreedomOfInformation, University of Dundee

Dear Ms Webb,

Thank you for your request for information and subsequent clarification. The Director of Finance responded to the consultation on 16 March 2017 as follows:

‘I would like to make the following comments on behalf of the University of Dundee in response to the recent USS Technical Discussion document.

Key drivers on which specific views are sought:

Maximum reliance which can be placed on the employer covenant
The work on employer covenant indicates that in extremis additional employer contributions of 7% could be made. However, the sector is not a single organisation. It is made up of multiple employers of varying financial strength. While additional contributions of 7% might be affordable on average there would be some employers above the mean who would find this affordable but there would be equal numbers below the mean who would not. Would it be better to relate this risk to, say, lower quartile institutional strength instead of average strength? That would start to recognise that the strength of the “chain” of employers is determined by its weakest link.

Alternative views of long term interest rates
Market predictions of interest movements will probably be wrong. However, there is evidence that expert predictions are generally “more wrong” than the market view. The Japanese experience shows that gilt yields can stay low for prolonged periods. Therefore there seems little justification (beyond hope) for employers to assume interest rates will rise faster than the market is predicting.

Degree of confidence that the assumed pension cost will prove a reliable forecast
We feel uncomfortable with adopting a less prudent approach for assessing future pension costs. This is the third valuation in succession which is likely to require changes to contributions and / or benefits. There needs to be a sufficient degree of prudence in the assumptions this time to ensure that the sector does not face the same problems again in 2020.

More generally, while we appreciate the Trustees opening the dialogue on these matters there does appear to be too much flexibility being explored in the papers and a limited set of more focussed options would be easier to consider.’

I trust that this information is helpful. Please let me know if I can be of further assistance.

Kind regards,

Alan

--
Alan Bell
Head of Information Governance
Culture & Information
University of Dundee
Dundee DD1 4HN

t: 01382 384441
http://www.dundee.ac.uk/cultureandinform...

This email is not legal advice and should not be
considered in that way.

Should you wish to appeal any decision concerning
the release of information by the University please
respond to [University of Dundee request email].
The University will then review your appeal according
to the procedures at
http://www.dundee.ac.uk/information-gove... <http://www.dundee.ac.uk/recordsmanagemen...>

If you are unhappy with the outcome of that review please forward your appeal to the Scottish Information Commissioner, Kinburn Castle, Doubledykes Rd, St Andrews, Fife, KY16 9DS (www.itspublicknowledge.info/Appeal).

If you remain dissatisfied following an appeal to the Commissioner your recourse is to the Court of Session on a point of law.

dangos adrannau a ddyfynnir

Dear FreedomOfInformation,

Many thanks for your reply. I don't think the website you have linked to provides the information I have requested. That is specifically any response submitted in February or March (2017) -- rather than September 2017 -- to the consultation on USS's 'Methodology and inputs for the 2017 valuation: initial assessment'.

You can find the University of Aberdeen's response here, for example: https://www.whatdotheyknow.com/request/u...

I would be grateful if you could check your records for any response your university made in February/March.

Yours sincerely,

Mary Webb

dangos adrannau a ddyfynnir

Dear FreedomOfInformation,

Many thanks for your reply and for releasing the university's response to this consultation.

Yours sincerely,

Mary Webb

FreedomOfInformation, University of Dundee

Thank you for your email.  If your message contains a request for
information the University will respond no later than 20 working days from
its receipt (or one month from receipt in the case of requests for your
own personal information).

If you have any questions about how your request will be managed, please
let me know.

Kind regards,

Alan Bell

Head of Information Governance

University of Dundee

Dundee DD1 4HN

The University of Dundee is a registered Scottish Charity, No: SC015096