The Panel has considered recent developments in the Scheme, including the impact of rule changes relating to the withdrawal of sponsoring employers and the strength of the covenant.

A number of late submissions were shared with the Panel and continue to inform their understanding of the range of views on governance, sustainability and alternative paths to the valuation. As part of this work the Panel held evidence First Actuarial and AON, actuarial advisers to UCU and UUK respectively.

In between meetings a series of interviews have been held with members of the Trustee board.

The Panel held evidence sessions with The Pensions Regulator. TPR covered a range of issues to describe their approach to regulation and clarify their approach to the Scheme with regards to governance and long term sustainability. The Panel are grateful for their time and assisting the continued work of the Panel.

USS Executive and the Scheme Actuary met with the Panel to discuss the governance of the scheme and long term sustainability.

Recent meetings have considered a range of written and verbal evidence on:
• Developing an approach to future valuations that is clear (and clearly understood by, and holds the confidence of, all stakeholders) and which can deliver both a sustainable scheme and a shared set of principles.
• different paths to the valuation of technical provisions and other aspects of the valuation methodology, including Test 1
• questions of risk sharing and the provision of suitable future pensions in line with the Panel’s TOR.