UCEA is the nominated formal representative for the 330 employers in the Universities Superannuation Scheme (USS). Current priorities include the 2026 valuation, considering how to achieve greater stability in the scheme over time, exploring a Conditional Indexation scheme design, undertaking a governance review of USS, and developing lower-cost and flexible options for members.
The first of two planned reports, published in June 2025, provided an interim update on progress and highlighted areas for further exploration – please see the link to this report below.
Interim Conditional Indexation report 2025
The Interim Conditional Indexation report was updated on 23 October 2025 to correct the date of Municipal Pension Plan’s last valuation from 31 December 2023 to 31 December 2021.
The second report – finalised in December 2025 - is designed to assess potential benefits and drawbacks of CI to assist stakeholder engagement about whether exploration of CI should continue to a more detailed design phase. Please see a link to this second report below, along with a set of useful questions and answers that have been developed to help answer questions from staff and pensions working groups.
Conditional Indexation, second report, December 2025
Conditional Indexation - Questions and Answers
Please note, the CI reports have also been published on the USS website (USS - Conditional Indexation: interim report (June 2025) / USS - Conditional Indexation: second report (December 2025)) and on the UCU website.
If you have any questions about UCEA’s support for USS employers, contact pensions@ucea.ac.uk
Update on the exploration of Conditional Indexation (CI)
UCEA and UCU have been working with the USS Trustee to consider scheme sustainability through a joint Stability Working Group. As part of this work, UCEA and UCU have been considering whether an alternative scheme design such as Conditional Indexation (CI) could provide additional stability for USS and might deliver better outcomes for both members and employers.The first of two planned reports, published in June 2025, provided an interim update on progress and highlighted areas for further exploration – please see the link to this report below.
Interim Conditional Indexation report 2025The Interim Conditional Indexation report was updated on 23 October 2025 to correct the date of Municipal Pension Plan’s last valuation from 31 December 2023 to 31 December 2021.
The second report – finalised in December 2025 - is designed to assess potential benefits and drawbacks of CI to assist stakeholder engagement about whether exploration of CI should continue to a more detailed design phase. Please see a link to this second report below, along with a set of useful questions and answers that have been developed to help answer questions from staff and pensions working groups.
Conditional Indexation, second report, December 2025 Conditional Indexation - Questions and AnswersPlease note, the CI reports have also been published on the USS website (USS - Conditional Indexation: interim report (June 2025) / USS - Conditional Indexation: second report (December 2025)) and on the UCU website.
If you have any questions about UCEA’s support for USS employers, contact pensions@ucea.ac.uk
