The parties held further constructive talks on a range of issues arising from the JEP2 report. It was agreed to publish a summary note of the first tripartite talks meeting which was subsequently published on the JEP website.
The parties held productive discussions, and made good progress, on developing a shared Scheme Purpose statement for the stakeholders to jointly agree and use. It was agreed it was important for the Stakeholders’ Scheme purpose statement and that currently used by the Trustee Company to fit together clearly. This would ensure that the different interests of the Trustee and the Stakeholders could be respected and recognised whilst also demonstrating a common interest and resolve. The Stakeholders’ scheme purpose statement discussed at the tripartite talks is attached alongside the purpose statement of the USS Trustee.
Positive discussions were also held on Shared Valuation Principles, the purpose of which provides a basis for UCU, UUK and the Trustee will work together and approach future valuations. The shared valuation principles discussed at the tripartite talks are also attached.
It was agreed that the next meeting would consider the question of sustainability and start to map out how, and by whom, possible governance changes might be addressed. It was also agreed the group would receive a report back from the USSL Board meeting which was due to meet on 22 January to consider, amongst other things, the JEP2 report and the tripartite talks.