Letter sent to the Financial Times Newspaper (London), Thursday May 30th 2019
We believe there are issues of concern over the governance of the UK’s largest private pension, the Universities Superannuation Scheme (USS).
The Trustees have a fiduciary duty to act in the interests of scheme members. A board member, with expertise in statistics, raised serious concerns about the quality of the evidence and analysis being presented to the board. How were these concerns addressed and investigated by the board of Trustees? Did the rest of the Trustees investigate these claims adequately and act in the interests of scheme members?
If the Trustees or the USS executive are unable to act in the interests of scheme members, then they should resign. If the employer and union appointed Trustees are failing to act in the interests of scheme members, then it is the responsibility of UUK (via the Employers Pensions Forum) and of the UCU to replace the Trustees.
We believe the conduct of USS valuation over the last two years has brought the scheme into disrepute. An enquiry is urgently needed to obtain the necessary information to assess the USS’s claims, review the conduct of the USS executive, Trustees and the Pensions Regulator, and ultimately to rebuild members’ and employers’ trust and confidence in the scheme. It would be appropriate for a select committee of parliament to investigate.
Finally, we would like to thank Prof Hutton for her exceptional work as Trustee.
Signed
Dr Alison Cameron (Bangor University), Dr Neil Davies (University of Bristol), Professor Danny Dorling (University of Oxford), Professor Bianca de Stavola (University College London), Dr Natasha Howard (London School of Hygiene and Tropical Medicine), Professor Sir David Spiegelhalter (Winton Centre for Risk and Evidence Communication, University of Cambridge) and 1,012 others:
Aberystwyth University
Dr Christopher Phillips
Aston University
Dr Gary Fooks
Bangor University
Prof Vian Bakir
Dr Annika Beelitz
Dr Patricia Bestelmeyer
Dr Charles Bishop
Mr Julian Brasington
Dr Alison Cameron
Dr David Carey
Prof Shanti Chakravarty
Dr Gwynfor Davies
Dr Mihela Erjavec
Dr Jonathan Ervine
Dr Richard Holland
Mr Kevin Hughes
Prof Stuart Jenkins
Dr Dyfrig Jones
Dr Karin Koehler
Dr Gavin Lawrence
Prof James McDonald
Prof Andrew McStay
Prof Doris Merkl-Davies
Dr Helena Miguelez-Carballeira
Dr Paul Mullins
Dr Marco Pelliccia
Dr Sarah Pogoda
Mr Huw Powell
Ms Katie Roberts
Dr Gwyndaf Roberts
Dr Anne-Marie Smith
Dr Emily Tyler
Mr Richard Wigzell
Mr Gwion Williams
Ms Joanna Wright
Dr Wolfgang Wüster
Dr Fiona Zinovieff
Ms Wanda Zyborska
Birkbeck, University of London
Prof Felicity Callard
Mr Paul Rigg
Bournemouth University
Ms Marian Mayer
Bournville College
Mrs Nita Sanghera
Brunel University London
Dr Josh Bowsher
Dr Javier Coto
Dr Gareth Dale
Dr Fotios Drenos
Dr Stanley Gaines
Dr Nick Hubble
Dr Paul Kyberd
Dr Andrew Parton
Dr Daniel Roberts
Dr Bianca de Haan
Dr Stanislao Lauria
Cardiff University
Dr Tilmann Altenberg
Dr Michael Arribas-Ayllon
Dr Christopher Bear
Dr Leandro Beltrachini
Dr Roser Beneito-Montagut
Prof Jacky Boivin
Dr Lloyd Bowen
Dr Finn Bowring
Prof Marc Buehner
Dr Andreas Buerki
Prof Chris Bundy
Prof Sin Yi Cheung
Prof Harry Collins
Dr Emily Cox
Prof John Culling
Dr Chris Dillingham
Prof Pete Dorey
Prof Dominic Dwyer
Prof Matthias Eberl
Dr Adam Edwards
Dr Fergal Ennis
Prof Jonathan Erichsen
Dr Adam Errington
Dr Lisa Evans
Prof Deborah Fodter
Dr William Ford
Prof Tom Freeman
Dr Chiara Gambi
Dr Sofia Gameiro
Dr Jonathan Gillard
Dr Marcus Gomes
Dr Jacques Grange
Prof Anna Grear
Dr Katy Greenland
Dr Matthias Gruber
Dr Craig Gurney
Dr Rachel Hurdley
Dr Yi-Jhong Han
Prof Michael Handford
Ms Kirsty Harding
Prof Marco Hauptmeier
Dr Lydia Hayes
Dr Rachel Herrmann
Mrs Andrea Higgins
Dr Alexandra Hillman
Dr Daniel Hobley
Dr Nick Hodgin
Dr Jenny Hoolachan
Prof Ian Humphreys
Dr Iain Hutcheson
Dr Anthony Ince
Dr Katy Jones
Dr Raya Jones
Dr Samantha Jones
Dr Andrew Kerr
Prof Paul Kinnersley
Dr Branko Latinkic
Dr Samuli Leppälä
Prof Penny Lewis
Dr Qinyun Li
Prof Caroline Lloyd
Dr Sonia Lopez de Quinto
Prof Bill Macken
Dr Richard Madgwick
Dr Leah Maizey
Dr Guy Major
Dr Bharat Malkani
Prof Antony Manstead
Mr Jonathan Marsh
Dr Alex McAuley
Dr David Mcgonigle
Dr Renata Medeiros
Prof Mara Miele
Dr Candice Morey
Prof Joseph O’Mahoney
Prof Ken Peattie
Mr Neil Penry
Dr Ludivine Petetin
Prof Nicola Phillips
Prof Wouter Poortinga
Dr Sergey Popov
Prof Nicky Priaulx
Prof Julie Price
Dr Travis Proulx
Mr Abyd Quinn Aziz
Prof Michael Reed
Dr Justyn Regini
Mr Adrian Rixon
Ms Laura Roach
Prof Frank Sengpiel
Prof Manuel Souto-Otero
Dr Steven Stanley
Dr Richard Stanton
Prof Ceri Sullivan
Dr Christoph Teufel
Dr Gareth Thomas
Dr Kerrie Thomas
Dr Rob Thomas
Dr Jenny Townhill
Dr Ross Vanderwert
Prof Mike Wallace
Prof Victoria Wass
Dr Martin Weinel
Prof Keith Whitfield
Prof James Whitley
Dr Andy Williams
Prof Matthew Williams
Mrs Keren Williamson
Dr Woon Wong
Dr Fiona Wood
Prof Alison Wray
Prof Marianne van den Bree
Dr Job van der Schalk
Dr Elisabeth von dem Hagen
Cranfield University
Ms Shannon Searle
Durham University
Dr Ilan Baron
Dr Duncan Connors
Dr Stefano Cremonesi
Dr Dan Lawrence
Dr Siobhan McGrath
Prof Joe Painter
Dr Leslie Reinhorn
Dr Thomas Renstrom
Prof Riccardo Scarpa
Dr Sara Uckelman
Edinburgh Napier University
Dr Sally Brown
Goldsmiths, University of London
Dr Daisy Asquith
Ms Marian Carty
Prof Aeron Davis
Dr Maxime Desmarais-Tremblay
Prof Natalie Fenton
Prof Des Freedman
Prof Rosalyn George
Ms Mary Claire Halvorson
Dr Gholam Khiabany
Dr Theo Kindynis
Prof Caroline Knowles
Ms Linda Lewis
Dr Suhail Malik
Ms Chloe Nast
Mr Joe Newman
Prof Alan Pickering
Ms Maggie Pitfield
Dr Elizabeth Reed
Mr Gary Riley-Jones
Prof Marsha Rosengarten
Prof Evelyn Ruppert
Dr William Viney
Helmholtz Zentrum Geesthacht
Dr Paul Bowyer
Heriot-Watt University
Sarah Joss
Dr James Richards
Imperial College London
Prof Martin Buck
Dr Ben Calderhead
Prof Margaret Chambers
Dr David Clements
Prof Anne Dell
Prof Fay Dowker
Dr Andrew Edwards
Dr Valerie Good
Dr Ruth Herd
Mr Stefan Hoyle
Prof Mark Isalan
Prof Paul Lickiss
Dr Colin McClure
Prof Jonathan Mestel
Dr Robert Nurnberg
Ms Janette Shiel
Mr Roddy Slorach
Institute of Development Studies
Dr Philip Mader
Dr Gauthier Marchais
Dr Alex Shankland
Keele University
Dr Ben Anderson
Ms Robin Bell
Dr Rebecca Bowler
Prof Matthew Brannan
Dr Rachel Bright
Dr Joseph Brooks
Mr Michael Brough
Dr Philip Catney
Dr Jon Cope
Mrs Julie Douglas
Prof Rajmil Fischman
Dr Peter Fletcher
Miss Dianne Foulkes
Dr Yossi Nehushtan
Dr Alexandre Nobajas
Dr Jane Parish
Dr Mario Prost
Dr Rebecca Richards
Dr A Rutherford
Dr Shalini Sharma
Dr Shiva Sikdar
Dr Richard Stephens
Hitomi Tobe
Dr Sorcha Ui Chonnachtaigh
Dr Bernard Zarychta
King’s College London
Ms Francesca Allfrey
Prof Chris Berry
Dr Clare Birchall
Dr Andrew Brooks
Mrs Joan Bryan
Dr Ferdinand Eibl
Dr Jane Elliott
Prof Ziad Elmarsafy
Prof Paul Gilroy
Dr Andy Grant
Dr Ye Liu
Dr Anna Maerker
Dr Stan Papoulias
Dr Michelle Pentecost
Dr Rebecca Saunders
Prof David Treece
Prof David Edgerton
Lancaster University
Mr Sunil Banga
Dr Richard Budd
Mr Iain Fothergill
Dr Julie Hearn
Prof Andrey Lazarev
Dr Nils Markusson
Dr Hannah Morgan
Prof Maggie Mort
Dr Jacob Phelps
Prof Bev Skeggs
Prof Imogen Tyler
London School of Economics and Political Science
Dr Luna Glucksberg
Mr Neil Stewart
London School of Hygiene and Tropical Medicine
Prof Clare Chandler
Dr Ben Cislaghi
Dr Natasha Howard
Dr Eleanor Hutchinson
Dr Shelley Lees
Dr Matthew Quaife
Loughborough University
Dr Nick Freeman
Dr Thomas Swann
Dr Clive Trusson
Manchester Metropolitan University
Dr James Pritchett
NHS Health Scotland
Dr Jon Minton
Newcastle University
Mr Phillip Archer
Dr Jaume Bacardit
Dr Bruce Baker
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Mr Dave Churchley
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Dr Gail Edwards
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None
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Open University
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Dr Caroline Clarke
Oxford University
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Dr Michael Biggs
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Prof Julia Bray
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Prof Patricia Clavin
Dr Inge Daniels
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Mx Alexander Dutton
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Prof Jonathan Wolff
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Queen Mary University of London
Mr Christian Garland
Dr Stuart Grieve
Retired
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Richmond, the American Int University in London
Dr Martin Brown
Royal Holloway University of London
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Dr Douglas Cowie
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SOAS, University of London
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Sussex University
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Swansea University
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The University of Sheffield
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Ulster University
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University College London
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University of Birmingham
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Miss Ioana Cerasella Chis
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University of Bristol
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University of Essex
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University of Sheffield
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University of Wales
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