We’ve received a number of questions from members about changes to USS pension scheme and negotiations surrounding these changes.
Universities UK (UUK), which represents the USS institutions in these negotiations, recognises that institutions have the ability to pay extra in order to safeguard existing benefits. However, so far they have said that this is not an option and, unless we can change their minds or persuade both UUK and USS itself to adjust their valuation methodology, detrimental change is inevitable.
Some employers have even signalled that they wish to move wholly to a scheme in which your pension income will be dependent on what returns if any there are from the investment of your contributions in the stock market – in essence, a pension with no guarantees.
UCU urges members to stand up for all staff and help us to protect your interests in the fund rather than look away while benefits are cut.
Be in no doubt that we will endeavour to solve this difficult dispute but if we need to seek your support for action it is good to know that you are with us in such large numbers. (86.6% of members who voted said they would be prepared to take industrial action to defend USS pension benefits on a turnout of 55.8% of those eligible.)