Thank you to those who contacted me regarding the universities superannuation scheme, EDM 619. I must highlight the fact that Ministers do not do not sign Early Day Motions by convention, as doing so is likely to breach ministerial codes on collective responsibility.
Universities and their staff play a vital role in our economy, ensuring that people have the skills they need to get on in life. They are subject to regular assessment of their financial sustainability, management and governance. Government sets the legislative framework for pension schemes to operate within.
However, it is for the trustee and employer to agree appropriate plans to ensure schemes are adequately funded. This is overseen by the independent Pensions Regulator where The Pensions Regulator believes that a scheme’s position warrants its involvement, it can intervene. Importantly, it has powers to protect member benefits under circumstances set out in legislation, and that remains the case.
I am reassured that there is a review of the scheme every three years, and that a recent study found the ability of employers to financially support the scheme is strong and can be expected to remain so for at least 30 years.
I hope this reassures you that a lot is being done to monitor the scheme’s progress.