EDM 619 - Universities Superannuation Scheme

Universities are subject to regular assessment of their financial sustainability, management and governance with government setting 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.

As a government Minister I am unable to sign Early Day Motions but I hope this reassures you that a lot is being done to monitor the scheme's progress.