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Tom Merchant

Tom Merchant. Chief Executive. Pensions under pressure. 12 million have inadequate provision Funding pressure on DB schemes Low bond yields Poor economic performance Increasing longevity Regulatory/legislative changes. Financial Services Authority.

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Tom Merchant

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  1. Tom Merchant Chief Executive

  2. Pensions under pressure • 12 million have inadequate provision • Funding pressure on DB schemes • Low bond yields • Poor economic performance • Increasing longevity • Regulatory/legislative changes

  3. Financial Services Authority • Advanced, Risk-Responsive Operating FrameWork (ARROW) • Four day process across both offices • Some follow-up points, no major issues

  4. USS Investment Management Ltd USS USSIM tPR FSA

  5. Pensions Regulator • Employer Covenant • Ernst & Young • Supplements information provided by the funding councils

  6. Pension Protection Fund • New Levy calculation • Substantial increase in levy anticipated

  7. Example of how benefits build in Career Revalued Benefits section

  8. JNC developments • New dialogue • JNC funding and benefits working group • Continuing discussion and engagement

  9. Difference between RPI and CPI

  10. Actuarial valuation Valuation date 31 March 2011 March: Data gathering July: Computation October: Consultation November: USS board review December: Results released

  11. Scheme funding (as at 31 March)

  12. Scheme funding (as at 31 March) 80% on TP as at 05/12/2011

  13. Membership statistics

  14. Membership statistics 20% 31% 20% 27% 49% 53%

  15. Summary of accounts

  16. Retirement quotes

  17. Benchmarking exercise • Competitive administration costs • £23.49 per member - £2.24 below the UK peer group average cost •  High staff productivity • 17% more work than the UK peer group average  • High transaction volumes performed and more information per member than the average of schemes in the peer group “A cost effective administration which delivers a high service to its members’’

  18. USSonline • Roll-out under way • Current position • 157 institutions • 92% of USS membership

  19. Data quality • Common data • Personal data as provided by institutions • 100% accuracy by 2012 • Conditional data Currently on track on to meet targets

  20. Tom Merchant Chief Executive

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