19 October 2016 
Matt Sisson, Projects and Membership Manager
In case you missed it last week, USS has revised the modeller for calculating the provision for deficit recovery contributions under the 2015 plan. Using the revised version 1.1 (dated October) will generate the same balance sheet provisions at 31 July 2015 and 2016 as version 1.0 (dated July). The change is that the interest charge is now based on the opening discount rate (the rate used to calculate the opening provision) rather than the closing rate as in version 1.0. For 2015-16, Because of the marked reduction in bond rates over the year, version 1.1 will produce a higher interest charge and a correspondingly lower pay cost than version 1.0. For 2014-15 the reverse is true. The BUFDG FRG has reviewed version 1.1 and agree with the change.
The updated modeller can be downloaded from the website here.
