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What is a valuation? | Administration and support services | Imperial College London

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href="/admin-services/human-resources/recruitment-and-promotions/recruitment/inclusive-recruitment/">Inclusive Recruitment</a></li> <li><a href="/admin-services/human-resources/recruitment-and-promotions/recruitment/professional-technical-and-operational-pto-establishment-review/">Professional, Technical and Operational (PTO) Establishment Review</a> <ul class="multilevel-linkul-2"> <li><a href="/admin-services/human-resources/recruitment-and-promotions/recruitment/professional-technical-and-operational-pto-establishment-review/guidance/">Guidance</a> <ul class="multilevel-linkul-3"> <li><a href="/admin-services/human-resources/recruitment-and-promotions/recruitment/professional-technical-and-operational-pto-establishment-review/guidance/guidance-for-line-managers/">Guidance for Line Managers</a></li> <li><a href="/admin-services/human-resources/recruitment-and-promotions/recruitment/professional-technical-and-operational-pto-establishment-review/guidance/guidance-on-application-form/">Guidance on Application Form</a></li> <li><a href="/admin-services/human-resources/recruitment-and-promotions/recruitment/professional-technical-and-operational-pto-establishment-review/guidance/guidance-on-writing-job-descriptions/">Guidance on Writing Job Descriptions</a></li> </ul> </li> <li><a href="/admin-services/human-resources/recruitment-and-promotions/recruitment/professional-technical-and-operational-pto-establishment-review/frequently-asked-questions/">Frequently Asked Questions</a></li> </ul> </li> <li><a href="/admin-services/human-resources/recruitment-and-promotions/recruitment/academic-senior-research-and-senior-teaching-appointments/">Academic, Senior Research and Senior Teaching appointments</a> <ul class="multilevel-linkul-2"> <li><a href="/admin-services/human-resources/recruitment-and-promotions/recruitment/academic-senior-research-and-senior-teaching-appointments/college-consuls/">College Consuls</a></li> <li><a href="/admin-services/human-resources/recruitment-and-promotions/recruitment/academic-senior-research-and-senior-teaching-appointments/chairs-professors-readers-researchers/">Appointment of Senior Academics, Senior Research and Senior Teaching staff</a> <ul class="multilevel-linkul-3"> <li><a href="/admin-services/human-resources/recruitment-and-promotions/recruitment/academic-senior-research-and-senior-teaching-appointments/chairs-professors-readers-researchers/further-particulars-/">Further Particulars </a></li> </ul> </li> </ul> </li> <li><a href="/admin-services/human-resources/recruitment-and-promotions/recruitment/honorary-and-visiting-associations/">Honorary and visiting associations</a></li> <li><a href="/admin-services/human-resources/recruitment-and-promotions/recruitment/professional-teaching-and-research-staff-appointments/">Professional, teaching and research staff appointments</a></li> <li><a href="/admin-services/human-resources/recruitment-and-promotions/recruitment/temporary-worker-appointments/">Temporary worker appointments</a> <ul class="multilevel-linkul-2"> <li><a href="/admin-services/human-resources/recruitment-and-promotions/recruitment/temporary-worker-appointments/existing-casual-workers/">Existing casual workers</a> <ul class="multilevel-linkul-3"> <li><a href="/admin-services/human-resources/recruitment-and-promotions/recruitment/temporary-worker-appointments/existing-casual-workers/frequently-asked-questions/">Frequently Asked Questions</a></li> </ul> </li> <li><a href="/admin-services/human-resources/recruitment-and-promotions/recruitment/temporary-worker-appointments/prospective-casual-workers/">Prospective casual workers</a></li> <li><a href="/admin-services/human-resources/recruitment-and-promotions/recruitment/temporary-worker-appointments/hiring-departments/">Hiring Departments</a> <ul class="multilevel-linkul-3"> <li><a href="/admin-services/human-resources/recruitment-and-promotions/recruitment/temporary-worker-appointments/hiring-departments/hiring-casual-workers/">Hiring casual workers</a> <ul class="multilevel-linkul-4"> <li><a href="/admin-services/human-resources/recruitment-and-promotions/recruitment/temporary-worker-appointments/hiring-departments/hiring-casual-workers/frequently-asked-questions/">Frequently Asked Questions</a></li> <li><a href="/admin-services/human-resources/recruitment-and-promotions/recruitment/temporary-worker-appointments/hiring-departments/hiring-casual-workers/app-user-guides/">App user guides</a></li> </ul> </li> </ul> </li> <li><a href="/admin-services/human-resources/recruitment-and-promotions/recruitment/temporary-worker-appointments/graduate-teaching-assistants/">Graduate Teaching Assistants</a></li> </ul> </li> <li><a href="/admin-services/human-resources/recruitment-and-promotions/recruitment/starting-salary-guidance-/">Starting salary guidance </a></li> <li><a href="/admin-services/human-resources/recruitment-and-promotions/recruitment/new-job-site-faq/">FAQs for new job site platform</a></li> </ul> </li> <li><a href="/admin-services/human-resources/recruitment-and-promotions/promotions/">Promotions</a> <ul class="multilevel-linkul-1"> <li><a href="/admin-services/human-resources/recruitment-and-promotions/promotions/academic-promotions/">Academic Promotions</a></li> <li><a href="/admin-services/human-resources/recruitment-and-promotions/promotions/learning-promotions/">Learning Promotions</a></li> <li><a href="/admin-services/human-resources/recruitment-and-promotions/promotions/research-staff-promotion-and-progression-review/">Research Promotions</a></li> <li><a href="/admin-services/human-resources/recruitment-and-promotions/promotions/teaching-promotions/">Teaching Promotions</a></li> </ul> </li> <li><a href="/admin-services/human-resources/recruitment-and-promotions/contracts/">Contract types and contract changes</a> <ul class="multilevel-linkul-1"> <li><a href="/admin-services/human-resources/recruitment-and-promotions/contracts/types/">Contract type guidance</a></li> <li><a href="/admin-services/human-resources/recruitment-and-promotions/contracts/role-guidance/" class="">Contract change form guidance</a></li> <li><a href="/admin-services/human-resources/recruitment-and-promotions/contracts/approvers/" class="">Trusted Requesters and Approvers for contract changes</a></li> <li><a href="/admin-services/human-resources/recruitment-and-promotions/contracts/contract-changes/">Contract changes for current staff</a></li> </ul> </li> <li><a href="/admin-services/human-resources/recruitment-and-promotions/job-families-and-grades/">Job families and grades</a> <ul class="multilevel-linkul-1"> <li><a href="/admin-services/human-resources/recruitment-and-promotions/job-families-and-grades/academic/">Academic</a></li> <li><a href="/admin-services/human-resources/recruitment-and-promotions/job-families-and-grades/academic-and-research/">Research</a></li> <li><a href="/admin-services/human-resources/recruitment-and-promotions/job-families-and-grades/learning-and-teaching/">Learning and Teaching</a></li> <li><a href="/admin-services/human-resources/recruitment-and-promotions/job-families-and-grades/operational/">Operational services</a></li> <li><a href="/admin-services/human-resources/recruitment-and-promotions/job-families-and-grades/professional/">Professional services</a></li> <li><a href="/admin-services/human-resources/recruitment-and-promotions/job-families-and-grades/technical/">Technical services</a></li> <li><a href="/admin-services/human-resources/recruitment-and-promotions/job-families-and-grades/teaching-and-research-working-group/">Working Group to review the Learning and Teaching and Research Terms and Conditions and the use of Fixed Term Contracts</a> <ul class="multilevel-linkul-2"> <li><a href="/admin-services/human-resources/recruitment-and-promotions/job-families-and-grades/teaching-and-research-working-group/phase-i/">Phase I</a></li> <li><a href="/admin-services/human-resources/recruitment-and-promotions/job-families-and-grades/teaching-and-research-working-group/phase-ii/">Phase II</a></li> <li><a href="/admin-services/human-resources/recruitment-and-promotions/job-families-and-grades/teaching-and-research-working-group/phase-iii/">Phase III</a></li> </ul> </li> <li><a href="/admin-services/human-resources/recruitment-and-promotions/job-families-and-grades/working-group-to-review-academic-titles-and-progression-at-imperial/" class="">Working Group to review Academic Titles and Progression at Imperial</a> <ul class="multilevel-linkul-2"> <li><a href="/admin-services/human-resources/recruitment-and-promotions/job-families-and-grades/working-group-to-review-academic-titles-and-progression-at-imperial/terms-of-reference/" class="">Terms of Reference</a></li> <li><a href="/admin-services/human-resources/recruitment-and-promotions/job-families-and-grades/working-group-to-review-academic-titles-and-progression-at-imperial/working-group-members/" class="">Working Group Members</a></li> <li><a href="/admin-services/human-resources/recruitment-and-promotions/job-families-and-grades/working-group-to-review-academic-titles-and-progression-at-imperial/meeting-summaries/" class="">Meeting Summaries</a></li> <li><a href="/admin-services/human-resources/recruitment-and-promotions/job-families-and-grades/working-group-to-review-academic-titles-and-progression-at-imperial/faqs/" class="">FAQs</a></li> </ul> </li> </ul> </li> <li><a href="/admin-services/human-resources/recruitment-and-promotions/secondments-/">Secondments </a></li> </ul> </li><li><span class="currentbranch0"><a href="/admin-services/human-resources/pay-and-pensions/">Pay and pensions</a></span> <ul class="multilevel-linkul-0"> <li><a href="/admin-services/human-resources/pay-and-pensions/principles-of-pay-and-recognition/">Principles of pay</a> <ul class="multilevel-linkul-1"> <li><a href="/admin-services/human-resources/pay-and-pensions/principles-of-pay-and-recognition/gender-and-ethnicity-pay-gap/">2024 Gender, Ethnicity, and Disability Pay Gap Reports</a> <ul class="multilevel-linkul-2"> <li><a href="/admin-services/human-resources/pay-and-pensions/principles-of-pay-and-recognition/gender-and-ethnicity-pay-gap/gender-ethnicity-and-disability-quartiles/">Gender, ethnicity and disability quartiles</a></li> <li><a href="/admin-services/human-resources/pay-and-pensions/principles-of-pay-and-recognition/gender-and-ethnicity-pay-gap/gender-ethnicity-and-disability-mean-and-median-pay-gaps/">Gender, ethnicity and disability mean and median pay gaps</a></li> <li><a href="/admin-services/human-resources/pay-and-pensions/principles-of-pay-and-recognition/gender-and-ethnicity-pay-gap/gender-pay-gap-in-bonuses/">Gender pay gap in bonuses</a></li> <li><a href="/admin-services/human-resources/pay-and-pensions/principles-of-pay-and-recognition/gender-and-ethnicity-pay-gap/ethnicity-pay-gap-in-bonuses/">Ethnicity pay gap in bonuses</a></li> <li><a href="/admin-services/human-resources/pay-and-pensions/principles-of-pay-and-recognition/gender-and-ethnicity-pay-gap/disability-pay-gap-bonuses/">Disability pay gap in bonuses</a></li> <li><a href="/admin-services/human-resources/pay-and-pensions/principles-of-pay-and-recognition/gender-and-ethnicity-pay-gap/previous-gender-and-ethnicity-data/">Comparison of previous gender and ethnicity pay gap data</a> <ul class="multilevel-linkul-3"> <li><a href="/admin-services/human-resources/pay-and-pensions/principles-of-pay-and-recognition/gender-and-ethnicity-pay-gap/previous-gender-and-ethnicity-data/previous-gender-data/">Comparison of 2017-2024 gender data</a></li> <li><a href="/admin-services/human-resources/pay-and-pensions/principles-of-pay-and-recognition/gender-and-ethnicity-pay-gap/previous-gender-and-ethnicity-data/previous-ethnicity-data/">Comparison of 2018-2024 ethnicity data</a></li> </ul> </li> <li><a href="/admin-services/human-resources/pay-and-pensions/principles-of-pay-and-recognition/gender-and-ethnicity-pay-gap/initiatives-and-projects/">Initiatives and projects</a></li> </ul> </li> </ul> </li> <li><span class="currentbranch1"><a href="/admin-services/human-resources/pay-and-pensions/pensions/">Pensions</a></span> <ul class="multilevel-linkul-1"> <li><a href="/admin-services/human-resources/pay-and-pensions/pensions/pensions-basics/">Pensions basics</a></li> <li><a href="/admin-services/human-resources/pay-and-pensions/pensions/saul/">SAUL pension scheme</a> <ul class="multilevel-linkul-2"> <li><a href="/admin-services/human-resources/pay-and-pensions/pensions/saul/saul-care/">SAUL Care</a></li> <li><a href="/admin-services/human-resources/pay-and-pensions/pensions/saul/saul-start/">SAUL Start</a></li> <li><a href="/admin-services/human-resources/pay-and-pensions/pensions/saul/saul-data-breach/">SAUL data breach</a></li> <li><a href="/admin-services/human-resources/pay-and-pensions/pensions/saul/saul-drop-ins-2024/">SAUL Drop-ins 2024</a></li> </ul> </li> <li><span class="currentbranch2"><a href="/admin-services/human-resources/pay-and-pensions/pensions/uss/">USS pension scheme</a></span> <ul class="multilevel-linkul-2"> <li><span class="currentbranch3"><a href="/admin-services/human-resources/pay-and-pensions/pensions/uss/changes/">USS valuations</a></span> <ul class="multilevel-linkul-3"> <li><span class="currentbranch4"><a href="/admin-services/human-resources/pay-and-pensions/pensions/uss/changes/what-is-a-valuation/">What is a valuation?</a></span> <ul class="multilevel-linkul-4"> <li><a href="/admin-services/human-resources/pay-and-pensions/pensions/uss/changes/what-is-a-valuation/glossary-of-parties-involves/">Glossary of terms including the parties involved</a></li> <li><a href="/admin-services/human-resources/pay-and-pensions/pensions/uss/changes/what-is-a-valuation/timeline/">Timeline</a></li> <li><a href="/admin-services/human-resources/pay-and-pensions/pensions/uss/changes/what-is-a-valuation/history/">How did we get here?</a></li> <li><a href="/admin-services/human-resources/pay-and-pensions/pensions/uss/changes/what-is-a-valuation/frequently-asked-questions/">Frequently asked questions</a></li> <li><a href="/admin-services/human-resources/pay-and-pensions/pensions/uss/changes/what-is-a-valuation/external-resources/">External resources which may help you understand your pension </a></li> </ul> </li> <li><a href="/admin-services/human-resources/pay-and-pensions/pensions/uss/changes/how-might-this-affect-me/">How might this affect me?</a></li> <li><a href="/admin-services/human-resources/pay-and-pensions/pensions/uss/changes/what-the-college-is-doing/">What the College is doing</a> <ul class="multilevel-linkul-4"> <li><a href="/admin-services/human-resources/pay-and-pensions/pensions/uss/changes/what-the-college-is-doing/uss-staff-working-group/">USS Staff Working Group</a></li> <li><a href="/admin-services/human-resources/pay-and-pensions/pensions/uss/changes/what-the-college-is-doing/imperial/">Our involvement with previous consultations and valuations</a></li> <li><a href="/admin-services/human-resources/pay-and-pensions/pensions/uss/changes/what-the-college-is-doing/joint-statement/">Joint statement from Imperial College London and the Imperial College UCU branch</a></li> <li><a href="/admin-services/human-resources/pay-and-pensions/pensions/uss/changes/what-the-college-is-doing/joint-letter/">Joint letter from the Universities of Cambridge and Oxford and Imperial College London</a></li> </ul> </li> </ul> </li> <li><a href="/admin-services/human-resources/pay-and-pensions/pensions/uss/uss-prudential-facility/">USS Prudential Facility</a></li> <li><a href="/admin-services/human-resources/pay-and-pensions/pensions/uss/capita-cyber-incident/">Capita Cyber Incident</a></li> <li><a href="/admin-services/human-resources/pay-and-pensions/pensions/uss/uss-drop-ins-2024/">USS Drop-ins 2024</a></li> </ul> </li> <li><a href="/admin-services/human-resources/pay-and-pensions/pensions/nhsps/">NHS pension scheme</a> <ul class="multilevel-linkul-2"> <li><a href="/admin-services/human-resources/pay-and-pensions/pensions/nhsps/nhs-scheme-pays/">NHS 19/20 scheme pays</a></li> </ul> </li> <li><a href="/admin-services/human-resources/pay-and-pensions/pensions/the-federated-pension-scheme/">The Federated Pension Scheme</a> <ul class="multilevel-linkul-2"> <li><a href="/admin-services/human-resources/pay-and-pensions/pensions/the-federated-pension-scheme/statement-of-investment-principles/">Statement of Investment Principles &ndash; May 2024</a> <ul class="multilevel-linkul-3"> <li><a href="/admin-services/human-resources/pay-and-pensions/pensions/the-federated-pension-scheme/statement-of-investment-principles/implementation-2324/">Implementation 23/24</a></li> </ul> </li> </ul> </li> <li><a href="/admin-services/human-resources/pay-and-pensions/pensions/financial-advice/">Financial advice</a></li> <li><a href="/admin-services/human-resources/pay-and-pensions/pensions/financial-planning/">Financial planning</a></li> <li><a href="/admin-services/human-resources/pay-and-pensions/pensions/tax-relief-on-pension-contributions/">Tax relief on pension contributions</a></li> <li><a href="/admin-services/human-resources/pay-and-pensions/pensions/approaching-retirement/">Approaching retirement</a></li> <li><a href="/admin-services/human-resources/pay-and-pensions/pensions/retirement-options/">Retirement options</a> <ul class="multilevel-linkul-2"> <li><a href="/admin-services/human-resources/pay-and-pensions/pensions/retirement-options/faqs/">FAQs</a></li> </ul> </li> <li><a href="/admin-services/human-resources/pay-and-pensions/pensions/pensions-auto-enrolment/">Pensions auto-enrolment</a> <ul class="multilevel-linkul-2"> <li><a href="/admin-services/human-resources/pay-and-pensions/pensions/pensions-auto-enrolment/2019-re-enrolment/">2022 Re-Enrolment</a></li> </ul> </li> <li><a href="/admin-services/human-resources/pay-and-pensions/pensions/pensionsmart/">PensionSMART</a> <ul class="multilevel-linkul-2"> <li><a href="/admin-services/human-resources/pay-and-pensions/pensions/pensionsmart/new-starters-information/">New starters information</a></li> <li><a href="/admin-services/human-resources/pay-and-pensions/pensions/pensionsmart/terminology-explained/">Terminology explained</a></li> <li><a href="/admin-services/human-resources/pay-and-pensions/pensions/pensionsmart/pensionsmart-faqs/">PensionSMART FAQs</a></li> </ul> </li> <li><a href="/admin-services/human-resources/pay-and-pensions/pensions/pension-options-for-overseas-staff/">Pension options for overseas staff</a></li> <li><a href="/admin-services/human-resources/pay-and-pensions/pensions/pension-faqs/">Pension FAQs</a></li> </ul> </li> <li><a href="/admin-services/human-resources/pay-and-pensions/pay-initiatives/">Pay initiatives</a> <ul class="multilevel-linkul-1"> <li><a href="/admin-services/human-resources/pay-and-pensions/pay-initiatives/annual-pay-award/">Annual pay award</a> <ul class="multilevel-linkul-2"> <li><a href="/admin-services/human-resources/pay-and-pensions/pay-initiatives/annual-pay-award/jtus-pay-claim-202425/">JTUs pay claim 2024/25</a></li> <li><a href="/admin-services/human-resources/pay-and-pensions/pay-initiatives/annual-pay-award/imperials-full-and-final-pay-offer-202425/">Imperial's full and final pay offer 2024/25</a></li> </ul> </li> <li><a href="/admin-services/human-resources/pay-and-pensions/pay-initiatives/pay-review/">Pay review</a> <ul class="multilevel-linkul-2"> <li><a href="/admin-services/human-resources/pay-and-pensions/pay-initiatives/pay-review/guidance-for-managers/">Guidance for managers</a></li> </ul> </li> </ul> </li> <li><a href="/admin-services/human-resources/pay-and-pensions/payroll-deadlines/">Payroll deadlines</a></li> <li><a href="/admin-services/human-resources/pay-and-pensions/salaries/">Salaries</a> <ul class="multilevel-linkul-1"> <li><a href="/admin-services/human-resources/pay-and-pensions/salaries/engaging-agency-workers--guidance-for-managers/">Engaging agency workers- Guidance for managers</a></li> </ul> </li> <li><a href="/admin-services/human-resources/pay-and-pensions/terms-and-conditions/">Terms and conditions</a></li> <li><a href="/admin-services/human-resources/pay-and-pensions/attraction-and-retention-at-imperial/">Attraction and retention at Imperial</a></li> <li><a href="/admin-services/human-resources/pay-and-pensions/benchmarking/" class="">Benchmarking</a> <ul class="multilevel-linkul-1"> <li><a href="/admin-services/human-resources/pay-and-pensions/benchmarking/professional-technical-operational-and-learning-benchmarks/" class="">Professional, technical, operational and learning benchmarks</a></li> <li><a href="/admin-services/human-resources/pay-and-pensions/benchmarking/research-job-family-benchmarks/" class="">Research job family benchmarks</a></li> <li><a href="/admin-services/human-resources/pay-and-pensions/benchmarking/teaching-fellows-benchmarks/" class="">Teaching Fellows benchmarks</a></li> <li><a href="/admin-services/human-resources/pay-and-pensions/benchmarking/national-academic-job-family-benchmarks/" class="">National Academic job family benchmarks</a></li> <li><a href="/admin-services/human-resources/pay-and-pensions/benchmarking/american-benchmarks/" class="">American benchmarks</a></li> <li><a href="/admin-services/human-resources/pay-and-pensions/benchmarking/international-academic-job-family-benchmarks/" class="">International Academic Job Family Benchmarks</a></li> </ul> </li> <li><a href="/admin-services/human-resources/pay-and-pensions/industrial-action/">Industrial action</a> <ul class="multilevel-linkul-1"> <li><a href="/admin-services/human-resources/pay-and-pensions/industrial-action/industrial-action-students/">Industrial action: guidance for students</a></li> <li><a href="/admin-services/human-resources/pay-and-pensions/industrial-action/industrial-action-staff/">Industrial action: guidance for staff</a></li> <li><a href="/admin-services/human-resources/pay-and-pensions/industrial-action/industrial-action-undergraduate-marking-and-assessment/">Industrial action: undergraduate marking and assessment</a></li> </ul> </li> </ul> </li><li><a href="/admin-services/human-resources/leave/">Leave and absence</a> <ul class="multilevel-linkul-0"> <li><a href="/admin-services/human-resources/leave/annual-leave/">Annual leave</a> <ul class="multilevel-linkul-1"> <li><a href="/admin-services/human-resources/leave/annual-leave/additional-leave/">Purchasing additional annual leave</a></li> <li><a href="/admin-services/human-resources/leave/annual-leave/calculations/">Calculations for annual leave</a></li> </ul> </li> <li><a href="/admin-services/human-resources/leave/sickness-absence/">Sickness absence</a></li> <li><a href="/admin-services/human-resources/leave/university-closure-days/">University closure days</a></li> <li><a href="/admin-services/human-resources/leave/carers-leave/">Carers leave</a></li> <li><a href="/admin-services/human-resources/leave/family-leave/">Family leave</a> <ul class="multilevel-linkul-1"> <li><a href="/admin-services/human-resources/leave/family-leave/adoption/">Adoption leave</a></li> <li><a href="/admin-services/human-resources/leave/family-leave/fertility-treatment/">Leave for fertility treatment</a></li> <li><a href="/admin-services/human-resources/leave/family-leave/maternity/">Maternity leave</a></li> <li><a href="/admin-services/human-resources/leave/family-leave/paternity-maternity-support-leave/">Paternity and maternity support leave</a></li> <li><a href="/admin-services/human-resources/leave/family-leave/shared-parental/">Shared parental leave</a></li> <li><a href="/admin-services/human-resources/leave/family-leave/surrogacy/">Surrogacy</a></li> <li><a href="/admin-services/human-resources/leave/family-leave/keep-in-touch/">Keeping in touch days</a></li> <li><a href="/admin-services/human-resources/leave/family-leave/new-parents/">Parents and carers workshops</a></li> <li><a href="/staff/parents-network/parental-portal/">Parental portal</a></li> </ul> </li> <li><a href="/admin-services/human-resources/leave/special-leave/">Special leave</a> <ul class="multilevel-linkul-1"> <li><a href="/admin-services/human-resources/leave/special-leave/compassionate/">Compassionate leave</a></li> <li><a href="/admin-services/human-resources/leave/special-leave/domestic-emergency/">Domestic emergencies leave</a></li> <li><a href="/admin-services/human-resources/leave/special-leave/family-emergency/">Family emergencies leave</a></li> <li><a href="/admin-services/human-resources/leave/special-leave/jury-service/">Jury service</a></li> <li><a href="/admin-services/human-resources/leave/special-leave/leave-of-absence-for-academics/">Leave of absence for academics</a></li> <li><a href="/admin-services/human-resources/leave/special-leave/public-duties/">Leave for public duties</a></li> <li><a href="/admin-services/human-resources/leave/special-leave/witness-duty/">Leave for witness duty</a></li> <li><a href="/admin-services/human-resources/leave/special-leave/parental-bereavement-leave/">Parental Bereavement Leave</a></li> <li><a href="/admin-services/human-resources/leave/special-leave/parental/">Parental leave</a></li> <li><a href="/admin-services/human-resources/leave/special-leave/academic-sabbatical/">Sabbatical leave for academic refreshment</a></li> <li><a href="/admin-services/human-resources/leave/special-leave/personal-sabbatical/">Sabbatical leave for personal refreshment</a></li> <li><a href="/admin-services/human-resources/leave/special-leave/reserve-forces/">Service in the volunteer reserve forces</a></li> <li><a href="/admin-services/human-resources/leave/special-leave/study/">Study leave</a></li> <li><a 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href="/admin-services/human-resources/about-us/contact-us/staff-compliance-and-immigration/">Staff Compliance and Immigration</a></li> </ul> </li> <li><a href="/admin-services/human-resources/about-us/hr-notices-/">HR Notices </a></li> <li><a href="/admin-services/human-resources/about-us/peoplestrategy/">People Strategy 2022+</a> <ul class="multilevel-linkul-1"> <li><a href="/admin-services/human-resources/about-us/peoplestrategy/foreward/">Foreword</a></li> <li><a href="/admin-services/human-resources/about-us/peoplestrategy/foundations/">Foundations</a></li> <li><a href="/admin-services/human-resources/about-us/peoplestrategy/finding-and-developing-diverse-talent/">Finding and developing diverse talent</a></li> <li><a href="/admin-services/human-resources/about-us/peoplestrategy/supporting-an-inclusive-culture-and-leadership/">Supporting an inclusive culture and leadership</a></li> <li><a href="/admin-services/human-resources/about-us/peoplestrategy/building-a-resilient-workplace/">Building a resilient workplace</a></li> </ul> </li> <li><a href="/admin-services/human-resources/about-us/service-level-agreements/">Service Level Agreements</a> <ul class="multilevel-linkul-1"> <li><a href="/admin-services/human-resources/about-us/service-level-agreements/slas/">HR Staff Hub</a></li> <li><a href="/admin-services/human-resources/about-us/service-level-agreements/recruitment-hub/">Recruitment Hub</a></li> <li><a href="/admin-services/human-resources/about-us/service-level-agreements/temporary-worker-team/">Temporary Worker Team</a></li> <li><a href="/admin-services/human-resources/about-us/service-level-agreements/job-evaluation/">Job Evaluation</a></li> <li><a href="/admin-services/human-resources/about-us/service-level-agreements/staff-compliance/">Staff Compliance</a></li> </ul> </li> </ul> </li> <!-- New: 2212 --> </ul> </nav> </div> </div> </div> </div> </header> <main id="page"> <div class="show-no-js"> <div class="container"> <p class="step-1">In this section</p> <nav class="nav-fallback"> <ul class="nav-fallback__parent"> <li> <a class="lwi" href="/admin-services/human-resources/"> Human Resources </a> </li> </ul> <ul class="cluster cluster--pad-m"><li><a href="/admin-services/human-resources/pay-and-pensions/pensions/uss/changes/what-is-a-valuation/glossary-of-parties-involves/">Glossary of terms including the parties involved</a></li><li><a href="/admin-services/human-resources/pay-and-pensions/pensions/uss/changes/what-is-a-valuation/timeline/">Timeline</a></li><li><a href="/admin-services/human-resources/pay-and-pensions/pensions/uss/changes/what-is-a-valuation/history/">How did we get here?</a></li><li><a href="/admin-services/human-resources/pay-and-pensions/pensions/uss/changes/what-is-a-valuation/frequently-asked-questions/">Frequently asked questions</a></li><li><a href="/admin-services/human-resources/pay-and-pensions/pensions/uss/changes/what-is-a-valuation/external-resources/">External resources which may help you understand your pension </a></li></ul> </nav> </div> </div> <div class="container content-template" id="content"> <nav class="page-area-heading"> <a href="/admin-services/human-resources/">Human Resources</a> </nav> <div class="page-heading lg-8 sm-12"> <div class="breadcrumbs"> <ul> <li><a href="/">Imperial Home</a></li> <li><a href="/admin-services/">Administration and support services</a></li><li><a href="/admin-services/human-resources/">Human Resources</a></li><li><a href="/admin-services/human-resources/pay-and-pensions/">Pay and pensions</a></li><li><a href="/admin-services/human-resources/pay-and-pensions/pensions/">Pensions</a></li><li><a href="/admin-services/human-resources/pay-and-pensions/pensions/uss/">USS pension scheme</a></li><li><a href="/admin-services/human-resources/pay-and-pensions/pensions/uss/changes/">USS valuations</a></li><li><a href="/admin-services/human-resources/pay-and-pensions/pensions/uss/changes/what-is-a-valuation/">What is a valuation?</a></li> </ul> </div> <h1>What is a valuation?</h1> </div> <div class="row row--space-between flow-opposite top" id=""> <aside class="col lg-3 md-4 sm-12"> <div class="section-sidebar"> <button class="section-sidebar__button" aria-expanded="false" aria-controls="section-sidebar-content"> <h2 class="section-sidebar__heading">In this section</h2> <svg role="img" aria-hidden="true" focusable="false" class="icon icon--m"> <use xlink:href="/assets/website/images/svg/icons.svg#chevron-down"></use> </svg> </button> <div class="section-sidebar__content" id="section-sidebar-content"> <ul class="section-sidebar__list flow-2xs"><li><a href="/admin-services/human-resources/pay-and-pensions/pensions/uss/changes/what-is-a-valuation/glossary-of-parties-involves/">Glossary of terms including the parties involved</a></li><li><a href="/admin-services/human-resources/pay-and-pensions/pensions/uss/changes/what-is-a-valuation/timeline/">Timeline</a></li><li><a href="/admin-services/human-resources/pay-and-pensions/pensions/uss/changes/what-is-a-valuation/history/">How did we get here?</a></li><li><a href="/admin-services/human-resources/pay-and-pensions/pensions/uss/changes/what-is-a-valuation/frequently-asked-questions/">Frequently asked questions</a></li><li><a href="/admin-services/human-resources/pay-and-pensions/pensions/uss/changes/what-is-a-valuation/external-resources/">External resources which may help you understand your pension </a></li> </ul> </div> </div> </aside> <div class="col lg-8 sm-12" role="main" id="primary-content"> <!-- Search text crawl start --> <div class="module flow-m"> <div class="row wysiwyg"> <div class="OutlineElement Ltr SCXW225642302 BCX0"> <p class="Paragraph SCXW225642302 BCX0"><span class="TextRun SCXW225642302 BCX0" data-contrast="none">A valuation aims to assess how much money a pension scheme currently has and whether this is enough to</span><span class="TextRun SCXW225642302 BCX0" data-contrast="none">&nbsp;pay the benefits that have been promised to its members and their dependants.</span><span class="EOP SCXW225642302 BCX0" data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}">&nbsp;They are legally obliged to happen at least every three years.</span></p> <h2 class="Paragraph SCXW225642302 BCX0"><span class="EOP SCXW225642302 BCX0" data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}">What does it assess?</span></h2> </div> <div class="OutlineElement Ltr SCXW225642302 BCX0"> <p class="Paragraph SCXW225642302 BCX0">A valuation assesses whether a pension scheme has enough money to pay the pensions that members and their dependants are expecting, both now and long into the future.&nbsp;</p> <p class="Paragraph SCXW225642302 BCX0">This is often a complex process and is not necessarily an objective assessment;<span class="TextRun SCXW225642302 BCX0" data-contrast="none">&nbsp;the 'contract' between a pension scheme and its members can last over 60 years and the valuation must predict whether the funds it has now and will accrue over that time will be enough at the point its members retire. It must take into account interest rates, market volatility and other factors that may impact the value of the fund over that time period.</span></p> <h2 class="Paragraph SCXW225642302 BCX0"><span class="TextRun SCXW225642302 BCX0" data-contrast="none">Why must it do this?</span></h2> <span class="TextRun SCXW225642302 BCX0" data-contrast="none">Ultimately, a pension scheme must be sure that it can pay the benefits it has promised members.<br><br></span></div> <div class="OutlineElement Ltr SCXW225642302 BCX0"><span class="TextRun SCXW225642302 BCX0" data-contrast="none">It is also legally obliged by the Pensions Regulator to undertake valuations. <a href="/admin-services/human-resources/pay-and-pensions/pensions/uss/changes/what-is-a-valuation/history/">G</a><span class="TextRun SCXW170082111 BCX0" data-contrast="none"><span class="NormalTextRun SCXW170082111 BCX0"><a href="/admin-services/human-resources/pay-and-pensions/pensions/uss/changes/what-is-a-valuation/history/">overnment legislation</a> stringently requires pension schemes to link assets (the funds it possesses) to liabilities (the money owed to all members at any one time) to ensure it can always meet every individual obligation.</span></span></span></div> <div class="OutlineElement Ltr SCXW225642302 BCX0"><span class="TextRun SCXW225642302 BCX0" data-contrast="none"><span class="TextRun SCXW170082111 BCX0" data-contrast="none"><span class="NormalTextRun SCXW170082111 BCX0">&nbsp;</span></span></span></div> <h2 class="OutlineElement Ltr SCXW225642302 BCX0"><span class="TextRun SCXW225642302 BCX0" data-contrast="none"><span class="TextRun SCXW170082111 BCX0" data-contrast="none"><span class="NormalTextRun SCXW170082111 BCX0">More information</span></span></span></h2> <p><span class="TextRun SCXW225642302 BCX0" data-contrast="none"><span class="TextRun SCXW170082111 BCX0" data-contrast="none"><span class="NormalTextRun SCXW170082111 BCX0">You may also be interested in further information on valuations from these external sites:</span></span></span></p> <p><span class="TextRun SCXW225642302 BCX0" data-contrast="none"><span class="TextRun SCXW170082111 BCX0" data-contrast="none"><span class="NormalTextRun SCXW170082111 BCX0"><a title="USS link opens in a new window" href="https://www.uss.co.uk/about-us/valuation-and-funding/our-valuations" target="_blank">USS</a>&nbsp;|&nbsp;<a title="UUK link opens in a new window" href="https://www.ussemployers.org.uk/background/glossary-key-terms" target="_blank">UUK</a>&nbsp;|&nbsp;<a title="LSE (blog) link opens in a new window" href="https://blogs.lse.ac.uk/politicsandpolicy/understanding-pension-obligation-figures/" target="_blank">LSE (blog)</a></span></span></span></p> <p><span class="TextRun SCXW225642302 BCX0" data-contrast="none"><span class="TextRun SCXW170082111 BCX0" data-contrast="none"><span class="NormalTextRun SCXW170082111 BCX0">We also have more information on the current USS valuation on our website:</span></span></span></p> </div><!-- begin 3 Column colour block --> <div class="row equal-height-columns"> <h2 class="sr-only">More information</h2> <div class="col lg-4 md-4"> <div class="media-item full primary reverse equal-height"> <a href="/admin-services/human-resources/pay-and-pensions/pensions/uss/changes/what-is-a-valuation/glossary-of-parties-involves/"> <div class="content"> <h3 class="title">Glossary of terms</h3> <p>Learn more about the terminology associated with valuations, including the parties that are involved</p> <p> </p> </div> </a> </div> </div> <div class="col lg-4 md-4"> <div class="media-item full secondary reverse equal-height"> <a href="/admin-services/human-resources/pay-and-pensions/pensions/uss/changes/what-is-a-valuation/timeline/"> <div class="content"> <h3 class="title">Timeline</h3> <p>What to expect and when in the current USS valuation</p> <p> </p> </div> </a> </div> </div> <div class="col lg-4 md-4"> <div class="media-item full info reverse equal-height"> <a href="/admin-services/human-resources/pay-and-pensions/pensions/uss/changes/what-is-a-valuation/frequently-asked-questions/"> <div class="content"> <h3 class="title">FAQs</h3> <p>Answers to some frequently asked questions about the current USS valuation</p> <p> </p> </div> </a> </div> </div> </div> <!-- end 3 Column colour block --> </div> <section class="supplementary-content row"> <div class="supplementary-content__sizer col"></div> </section> <!-- Search text crawl end --> </div> </div> </div> </main> <footer class="footer" role="contentinfo"> <section class="footer__main"> <h2 class="sr-only">Useful Links</h2> <div class="container"> <div class="row row--gap-on-collapse"> <nav class="col lg-3 sm-12"> <div class="flow-s"> <h3 class="step--1">Popular links</h3> <ul> <li><a href="/admin-services/ict/self-service/digital-education-services/digital-education-platforms/blackboard/">Blackboard</a></li> <li><a href="/admin-services/ict/contact-ict-service-desk/">Contact the Service 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