EDM 619: Universities' Superannuation Scheme

March 2018

 

Dear Constituent,

 

Thank you for your email regarding the Universities Superannuation Scheme.

I’m afraid that, as a matter of principle and like many other MPs, I don’t sign EDMs which have no real parliamentary function and yet are very expensive to administer.

Universities are subject to regular assessment of their financial sustainability, management and governance. While it’s certainly true that the Government sets the legislative framework within which pension schemes operate, it’s for the trustee and employer to agree appropriate plans to ensure schemes are adequately funded. This process is overseen by the independent Pensions Regulator, which can intervene if it believes that a scheme's position warrants its involvement. Importantly, it has powers to protect member benefits under circumstances set out in legislation and that remains the case.

I'm reassured that there’s 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.

Thank you once again for taking the time to contact me.

 

With best wishes.

Kind regards,

Jonathan Lord.