USS conditional indexation 4 November

Duration: 1 hour 31 mins

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Description:	A recording of a USS open meeting explaining conditional indexation. Lise Houle, actuary for the Ontario Teachers’ Pension Plan, spoke about the scheme’s experience of introducing conditional indexing in 2009. Other panellists included: Anthony Odgers, Chief Financial Officer at the University of Cambridge and Dr Sam Marsh, a University Teacher in the School of Mathematics and Statistics at the University of Sheffield. Sam was a national negotiator for UCU on USS from 2018 to 2022, and a member of the JNC during that time.

Description:

A recording of a USS open meeting explaining conditional indexation.
Lise Houle, actuary for the Ontario Teachers’ Pension Plan, spoke about the scheme’s experience of introducing conditional indexing in 2009. Other panellists included: Anthony Odgers, Chief Financial Officer at the University of Cambridge and Dr Sam Marsh, a University Teacher in the School of Mathematics and Statistics at the University of Sheffield. Sam was a national negotiator for UCU on USS from 2018 to 2022, and a member of the JNC during that time.


Created:	2022-11-04 16:18
Collection:	USS open meetings
Publisher:	University of Cambridge
Copyright:	University of Cambridge and USS
Language:	eng (English)
Keywords:	USS Conditional indexation; USS open meeting November 2022;


Abstract:	Conditional indexation is a form of pension scheme design where members are guaranteed benefits but increases for inflation are dependent on the scheme maintaining a positive funding position. This approach is designed to allow schemes to invest more broadly in growth assets and thereby deliver a higher expected level of benefits for a given level of contributions. It is used by a number of large pension schemes in Canada and the Netherlands. The USS trustee, UCU and UUK have all agreed to explore the long-term viability of conditional indexation in relation to USS.

Abstract:

Conditional indexation is a form of pension scheme design where members are guaranteed benefits but increases for inflation are dependent on the scheme maintaining a positive funding position. This approach is designed to allow schemes to invest more broadly in growth assets and thereby deliver a higher expected level of benefits for a given level of contributions. It is used by a number of large pension schemes in Canada and the Netherlands. The USS trustee, UCU and UUK have all agreed to explore the long-term viability of conditional indexation in relation to USS.

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