Let a Select Committee Investigate the Concerns About the Universities

Dorling, D. (2019) USS Concerns- Letter, Oxford Magazine, Trinity Term, and in the Financial Times, under the title ‘Let a select committee investigate the concerns about the Universities Superannuation Scheme’, 3 June, 2019, https://www.ft.com/content/ccb837a6-82ca-11e9-b592- 5fe435b57a3b & https://www.ft.com/content/fdf66d42-83ab-11e9-b592-5fe435b57a3b TO THE EDITOR Sir – I would like to share with OM readers a letter colleagues and I sent to the Financial Times, signed by over 1,000 members of the profession (listed here http://www.dannydorling.org/?p=7283), and which should be of interest to all members of the University and particularly those with USS pensions. Yours sincerely Danny Dorling St Peter’s College Letter sent to the Financial Times Newspaper (London), Thursday May 30th 2019, published June 3rd 2019; and subsequently in the Oxford Magazine in June 2019. 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. 1 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 Dr Alison Cameron Dr Gavin Lawrence University Dr Christopher Phillips Dr David Carey Prof James McDonald Prof Shanti Chakravarty Prof Andrew McStay Aston University Dr Gwynfor Davies Prof Doris Merkl-Davies Dr Gary Fooks Dr Mihela Erjavec Dr Helena Miguelez- Carballeira Dr Jonathan Ervine Bangor University Dr Paul Mullins Prof Vian Bakir Dr Richard Holland Dr Marco Pelliccia Dr Annika Beelitz Mr Kevin Hughes Dr Sarah Pogoda Dr Patricia Bestelmeyer Prof Stuart Jenkins Mr Huw Powell Dr Charles Bishop Dr Dyfrig Jones Ms Katie Roberts Mr Julian Brasington Dr Karin Koehler 2 Dr Gwyndaf Roberts Dr Andrew Parton Prof Jonathan Erichsen Dr Anne-Marie Smith Dr Daniel Roberts Dr Adam Errington Dr Emily Tyler Dr Bianca de Haan Dr Lisa Evans Mr Richard Wigzell Dr Stanislao Lauria Prof Deborah Fodter Mr Gwion Williams Dr William Ford Ms Joanna Wright Cardiff University Prof Tom Freeman Dr Tilmann Altenberg Dr Wolfgang Wüster Dr Chiara Gambi Dr Michael Arribas- Dr Fiona Zinovieff Ayllon Dr Sofia Gameiro Ms Wanda Zyborska Dr Christopher Bear Dr Jonathan Gillard Dr Leandro Beltrachini Dr Marcus Gomes Birkbeck, University Dr Roser Beneito- Dr Jacques Grange of London Montagut Prof Felicity Callard Prof Anna Grear Prof Jacky Boivin Mr Paul Rigg Dr Katy Greenland Dr Lloyd Bowen Dr Matthias Gruber Dr Finn Bowring Bournemouth Dr Craig Gurney University Prof Marc Buehner Ms Marian Mayer Dr Rachel Hurdley Dr Andreas Buerki Dr Yi-Jhong Han Prof Chris Bundy Bournville College Prof Michael Handford Mrs Nita Sanghera Prof Sin Yi Cheung Ms Kirsty Harding Prof Harry Collins Prof Marco Hauptmeier Brunel University Dr Emily Cox London Dr Lydia Hayes Dr Josh Bowsher Prof John Culling Dr Rachel Herrmann Dr Javier Coto Dr Chris Dillingham Mrs Andrea Higgins Dr Gareth Dale Prof Pete Dorey Dr Alexandra Hillman Dr Fotios Drenos Prof Dominic Dwyer Dr Daniel Hobley Dr Stanley Gaines Prof Matthias Eberl Dr Nick Hodgin Dr Nick Hubble Dr Adam Edwards Dr Jenny Hoolachan Dr Paul Kyberd Dr Fergal Ennis Prof Ian Humphreys 3 Dr Iain Hutcheson Mr Neil Penry Prof Keith Whitfield Dr Anthony Ince Dr Ludivine Petetin Prof James Whitley Dr Katy Jones Prof Nicola Phillips Dr Andy Williams Dr Raya Jones Prof Wouter Poortinga Prof Matthew Williams Dr Samantha Jones Dr Sergey Popov Mrs Keren Williamson Dr Andrew Kerr Prof Nicky Priaulx Dr Woon Wong Prof Paul Kinnersley Prof Julie Price Dr Fiona Wood Dr Branko Latinkic Dr Travis Proulx Prof Alison Wray Dr Samuli Leppälä Mr Abyd Quinn Aziz Prof Marianne van den Bree Prof Penny Lewis Prof Michael Reed Dr Job van der Schalk Dr Qinyun Li Dr Justyn Regini Dr Elisabeth von dem Prof Caroline Lloyd Mr Adrian Rixon Hagen Dr Sonia Lopez de Ms Laura Roach Quinto Prof Frank Sengpiel Cranfield University Prof Bill Macken Ms Shannon Searle Prof Manuel Souto- Dr Richard Madgwick Otero Dr Leah Maizey Dr Steven Stanley Durham University Dr Ilan Baron Dr Guy Major Dr Richard Stanton Dr Duncan Connors Dr Bharat Malkani Prof Ceri Sullivan Dr Stefano Cremonesi Prof Antony Manstead Dr Christoph Teufel Dr Dan Lawrence Mr Jonathan Marsh Dr Gareth Thomas Dr Siobhan McGrath Dr Alex McAuley Dr Kerrie Thomas Prof Joe Painter Dr David Mcgonigle Dr Rob Thomas Dr Leslie Reinhorn Dr Renata Medeiros Dr Jenny Townhill Dr Thomas Renstrom Prof Mara Miele Dr Ross Vanderwert Prof Riccardo Scarpa Dr Candice Morey Prof Mike Wallace Dr Sara Uckelman Prof Joseph O’Mahoney Prof Victoria Wass Prof Ken Peattie Dr Martin Weinel 4 Edinburgh Napier Helmholtz Zentrum Institute of University Geesthacht Development Studies Dr Sally Brown Dr Philip Mader Dr Paul Bowyer Dr Gauthier Marchais Goldsmiths, Dr Alex Shankland University of London Heriot-Watt Dr Daisy Asquith University Sarah Joss Ms Marian Carty Keele University Dr James Richards Dr Ben Anderson Prof Aeron Davis Ms Robin Bell Dr Maxime Desmarais- Tremblay Imperial College Dr Rebecca Bowler London Prof Natalie Fenton Prof Martin Buck Prof Matthew Brannan Prof Des Freedman Dr Ben Calderhead Dr Rachel Bright Prof Rosalyn George Prof Margaret Chambers Dr Joseph Brooks Ms Mary Claire Dr David Clements Mr Michael Brough Halvorson Prof Anne Dell Dr Philip Catney Dr Gholam Khiabany Prof Fay Dowker Dr Jon Cope Dr Theo Kindynis Dr Andrew Edwards Mrs Julie Douglas Prof Caroline Knowles Dr Valerie Good Prof Rajmil Fischman Ms Linda Lewis Dr Ruth Herd Dr Peter Fletcher Dr Suhail Malik Mr Stefan Hoyle Miss Dianne Foulkes Ms Chloe Nast Prof Mark Isalan Dr Yossi Nehushtan Mr Joe Newman Prof Paul Lickiss Dr Alexandre Nobajas Prof Alan Pickering Dr Colin McClure Dr Jane Parish Ms Maggie Pitfield Prof Jonathan Mestel Dr Mario Prost Dr Elizabeth Reed Dr Robert Nurnberg Dr Rebecca Richards Mr Gary Riley-Jones Ms Janette Shiel Dr A Rutherford Prof Marsha Rosengarten Mr Roddy Slorach Dr Shalini Sharma Prof Evelyn Ruppert Dr Shiva Sikdar Dr William Viney Dr Richard Stephens 5 Hitomi Tobe Prof Andrey Lazarev Manchester Metropolitan Dr Sorcha Ui Dr Nils Markusson University Chonnachtaigh Dr James Pritchett Dr Hannah Morgan Dr Bernard Zarychta Prof Maggie Mort NHS Health Scotland Dr Jacob Phelps Dr Jon Minton King’s College London Prof Bev Skeggs Ms Francesca Allfrey Prof Imogen Tyler Newcastle University Prof Chris Berry Mr Phillip Archer Dr Clare Birchall Dr Jaume Bacardit London School of Dr Andrew Brooks Economics and Dr Bruce Baker Political Science Mrs Joan Bryan Dr Luna Glucksberg Mr Robin Booth Dr Ferdinand Eibl Mr Neil Stewart Dr Clare Butler Dr Jane Elliott Prof Kate Chedgzoy Prof Ziad Elmarsafy London School of Mr Dave Churchley Hygiene and Prof Paul Gilroy Tropical Medicine Mr Graham Collins Prof Clare Chandler Dr Andy Grant Mr Jeffrey Craig Dr Ben Cislaghi Dr Ye Liu Dr Jan Dobbernack Dr Natasha Howard Dr Anna Maerker Dr Michael Dritschel Dr Eleanor Hutchinson Dr Stan Papoulias Dr Gail Edwards Dr Shelley Lees Dr Michelle Pentecost Dr Andrew Fletcher Dr Matthew Quaife Dr Rebecca Saunders Dr Stacy Gillis Prof David Treece Mrs Carol Gordon Loughborough Prof David Edgerton University Ms Helen Griffiths Dr Nick Freeman Dr Rachel Hammersley Dr Thomas Swann Lancaster University Dr Caspar Hewett Mr Sunil Banga Dr Clive Trusson Prof Robert Hirt Dr Richard Budd Dr Seamus Holden Mr Iain Fothergill Dr Nick Jakubovics Dr Julie Hearn 6 Prof Al James Ms Alison Higgs Prof Barbara Harriss- White Dr Domhnall Jennings Dr Matthew Howard Ms Eli Harriss Dr Craig Jones Ms Lesley Kane Prof Dan Healey Dr Joshua Jowitt Mr David Knowles Dr Michael Holmes Prof Richard Lewis Ms Maria McCrea Prof Todd Huffman Prof Neil Perkins Mr Tim Parry Mr Jaya John John Dr Terrence Ratcliffe Mr Kevin Pascoe Prof Aris Katzourakis Dr Andrea Rehberg Mr John Peters Ms Svenja Kunze Mr William Salmon Dr Anita Pilgrim Prof Elizabeth Eva Dr Luke Smith Mr Kit Power Leach Dr Joanne Smith Finley Mr Jeremy Roebuck Prof Derek McCormack Dr David Stewart Dr Chris A. 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