USS benefits should be partially restored in light of improved 31 March 2022 funding position

The certificate must state that, in the opinion of the actuary —

(a) the schedule of contributions is consistent with the statement of funding principles, and

(b) the rates shown in the schedule are such that —

(i) where the statutory funding objective was not met [i.e., when there was a deficit] on the effective date of the last actuarial valuation, the statutory funding objective can be expected to be met by the end of the period specified in the recovery plan, or

(ii) where the statutory funding objective was met on the effective date of the last actuarial valuation, the statutory funding objective can be expected to continue to be met for the period for which the schedule is to be in force.

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