Survey of universities’ disclosures 2023: accounting for pension costs

We are pleased to present the results of our thirteenth annual survey of the assumptions adopted by UK universities for determining the value of their pension liabilities for accounting purposes.

The survey looks at the significance of Self-Administered Trusts (SATS) in the context of the overall finances of the university, as well as at the assumptions used in their FRS102 disclosures as at 31 July 2023.

While SATs remain the primary focus, in the wider sector ongoing discussions around the Universities Superannuation Scheme (USS) take precedence - in terms of its valuations and benefit design. New valuations have also been completed for the Teachers’ Pension Scheme (TPS), where costs have increased and Local Government schemes, where costs have fallen.

This survey is based on data in the published accounts of universities with financial years that ended on 31 July 2023. The figures in this survey are based on a sample of 38 universities whose accounts showed they operate SATs. We have included the figures for 2020 and 2021 to compare with the 2022 data as part of our analysis.