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Universities Superannuation Scheme

Question for Department for Education

UIN 114886, tabled on 31 January 2022

To ask the Secretary of State for Education, what steps he is taking to reduce the liability of his Department for the Universities Superannuation Scheme after guaranteeing the pensions of four members of the Universities Superannuation Scheme who were transferred to the Office for Students in 2017.

Answered on

8 February 2022

The agreement in 2017 for the department to act as guarantor for the Universities Superannuation Scheme (USS) followed formal advice from the Government Actuary’s Department, including risk considerations. The government takes legal advice in reaching its decisions where appropriate.

The department’s liability in acting as guarantor for the USS was originally valued at £5 million, as recorded in the remote contingent liabilities section of the department’s 2017/18 annual report and accounts. The liability valuation has remained at £5 million for all subsequent years, as shown in the department’s annual reports and accounts: