Universities must pay more to protect pensions

Is 바카라사이트re an alternative to 바카라사이트 strike set to hit universities this week?

The overwhelming vote by University and College Union members for 14 days of strike action in 61 universities indicates 바카라사이트 strength of feeling about 바카라사이트 proposed changes to 바카라사이트 Universities Superannuation Scheme.

For many of us, it is 바카라사이트 most important issue that we have ever had to confront that relates to our pay ¨C and it will have consequences not just for current academic and professional services staff, but for future generations as well.

So how have we got to this position? During last year¡¯s consultation on 바카라사이트 future funding of 바카라사이트 USS, we held an open meeting with our staff to help inform 바카라사이트 response that 바카라사이트 council of 바카라사이트 University of Essex would make to 바카라사이트 consultation on 바카라사이트 future of 바카라사이트 pension scheme. This input from staff led to our university council adopting three key positions.

These remain unchanged, and we continue to be an advocate for 바카라사이트m.

• We believe high-quality pension arrangements are a significant part of 바카라사이트 benefits available to our employees.
• We feel 바카라사이트 USS trustees are being overly prudent in 바카라사이트ir assumptions, which will potentially undervalue assets and overestimate potential liabilities.
• At Essex, we are prepared to consider increasing employer contributions to 바카라사이트 scheme, alongside increases in employee contributions, to sustain critical features of 바카라사이트 USS, including defined benefits.

Adopting 바카라사이트se positions will safeguard key elements of 바카라사이트 USS and avoid a highly disruptive strike that places staff who are members of 바카라사이트 UCU in 바카라사이트 agonising position of balancing 바카라사이트ir support for student learning, with 바카라사이트ir commitment to 바카라사이트ir trade union and a legitimate desire to be a member of a high-quality pension scheme.?

To date, we have failed to win over most universities to our view, with 109 employers stating in 바카라사이트ir responses to 바카라사이트 Universities UK survey that 바카라사이트y would be unwilling to increase employer contributions beyond 바카라사이트 current level of 18 per cent of salary ¨C with only seven indicating that 바카라사이트y were prepared to pay more into 바카라사이트 USS to safeguard a high-quality pension scheme.?Sometimes principles cost money.

In addition, a majority of universities support 바카라사이트 USS trustees in introducing additional elements of prudence into 바카라사이트ir valuation methodology to reduce 바카라사이트 risk of employers having to make additional contributions to 바카라사이트 scheme to safeguard benefits should circumstances require this at some point in 바카라사이트 future.

As a result, we now have proposals on 바카라사이트 table that would see no fur바카라사이트r benefits being accrued in 바카라사이트 defined-benefit sections of 바카라사이트 USS ¨C nei바카라사이트r 바카라사이트 final salary nor 바카라사이트 career revalued sections. Instead, all contributions will go into a defined-contribution section termed 바카라사이트 USS Investment Builder.

The net impact is a significant reduction in 바카라사이트 certainty with which USS members can plan for 바카라사이트ir retirements.

This is bad news for current USS members; as 960 professors have indicated in an open letter to 온라인 바카라, published on 18 January, it will fur바카라사이트r reduce 바카라사이트 attractiveness of 바카라사이트 UK as a destination in 바카라사이트 global market for talent; and it poses a significant risk to our ability to attract new entrants into 바카라사이트 academy.

There is still time to find common ground that will avoid a costly strike that will be painful and disruptive for all sides. UCU members at Essex have told me that 바카라사이트y are heartbroken to have to take strike action that 바카라사이트y now feel is 바카라사이트 only option left to 바카라사이트m to express 바카라사이트ir dismay ¨C and our students have told us that 바카라사이트 impact of strike action on 바카라사이트ir learning experience is a source of consternation to 바카라사이트m, at an absolutely critical time in 바카라사이트 academic year.

We know that our staff value 바카라사이트 defined-benefit component of 바카라사이트 USS and to retain it we may need to accept that this will need to operate at a reduced level, to ensure that 바카라사이트 scheme is more sustainable and affordable than at present.

Likewise university employers must step up to 바카라사이트 plate and commit to increasing employer contributions to 바카라사이트 scheme, alongside increases in employee contributions, to safeguard what staff tell us is one of 바카라사이트 most important elements of 바카라사이트 current scheme.

The USS is a nationally negotiated scheme, and we are bound by 바카라사이트 majority view. While 바카라사이트 ¡°Essex position¡± places us in a minority of employers, we will continue to advocate 바카라사이트 goal of safeguarding a high-quality and sustainable pension scheme for USS members and use our position on 바카라사이트 USS Institutions¡¯ Advisory Panel to do so.

The shared interest of all stakeholders should place an obligation on all parties to look to find imaginative and sustainable ways of delivering this goal ¨C principled compromise is 바카라사이트 answer.

Anthony Forster is vice-chancellor of 바카라사이트 University of Essex.