Survey of universities’ disclosures 2022: accounting for pension costs

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

While Self-Administered Trusts (SATs) remain the focus of this survey, in the wider sector it is the ongoing discussions around the Universities Superannuation Scheme (USS) - in terms of its valuations and benefit design - that is often the area of greatest focus, although those universities with exposure to the Teachers’ Pension Scheme (TPS) and Local Government schemes will also have been paying close attention to the imminent results of new valuations.

This survey is based on data in the published accounts of universities with financial years that ended on 31 July 2022. 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.