07 August 2019 
Matt Sisson, Projects and Membership Manager
The updated guidance for discount rates based on market conditions as at 31 July 2019 has now been issued and can be downloaded here.
The actual discount rates as at 31 July 2019 are lower than those derived as at 29 February 2019. This together with the fact that the liability as at 31 July 2019 is based on the 2017 deficit recovery plan (deficit contributions of 5% salary from 2020 to 2034, scheme deficit £7.5bn) whereas the liability as at 31 July 2018 was based on the 2014 deficit recovery plan (deficit contributions of 2.1% salary to 2032, total scheme deficit £5.3bn) will result in a vast increase in liabilities for 2018-19.
In related news, USS has sent the annual disclosure letter, based on the 2017 valuation, to FDs (and Official Contacts) via an I Letter earlier this week. It has also be added to the I Letter section of the USS Employer Portal, and can be downloaded from the BUFDG website using the links halfway down this discussion.
