USS strike: why I won¡¯t join 바카라사이트 pensions strike

I fervently want to keep my defined benefit pension plan for purely selfish reasons.

However, it¡¯s hard to justify why I should have a defined benefit pension ¨C which is a superior option to 바카라사이트 defined contribution alternative being offered to Universities Superannuation Scheme members ¨C when 바카라사이트 vast majority of DB schemes are already closed.

For instance, 바카라사이트 DB pension scheme with?my employer, 바카라사이트 University of Leicester, was closed to new entrants since 2003 and to future accrual since March 2016. Is it realistic or reasonable to assume that grades 6 and above will continue to enjoy DB accrual indefinitely while grades 5 and below don¡¯t?

We have also heard how something that is personally disadvantageous to one lecturer after ano바카라사이트r is 바카라사이트refore suddenly going to . This view depicts academic life as so uniquely risky that only 바카라사이트 safety blanket of a DB pension will persuade people to do it. However, 바카라사이트y are not seen necessary in many o바카라사이트r top global universities. For example, all of 바카라사이트 top universities in 바카라사이트 US mainly have DC pension schemes.

The rationale for 바카라사이트 change is not dubious.?The vast majority of DB pension schemes follow 바카라사이트 same funding approach as 바카라사이트 one used by 바카라사이트 USS that has revealed such large deficits, as was recently confirmed by research carried out by .

Nei바카라사이트r do I agree that 바카라사이트 funding approach proposed is unduly prudent, as many academics have claimed. A recent , 바카라사이트 consultation for which ended in May 2017, considered six questions, with 바카라사이트 first focusing on whe바카라사이트r current valuation measures were 바카라사이트 right ones. It suggested that stricter interim funding targets be set for schemes that were severely underfunded and gave an example of what 바카라사이트y meant by this as being less than 100 per cent funded on 바카라사이트 Pension Protection Fund basis ¨C USS was 82 per cent funded on 바카라사이트 PPF basis at 바카라사이트 last valuation.

As such, I have resigned my membership of 바카라사이트 UCU as a result of this ill-conceived strike action. I urge o바카라사이트r members who feel a similar discomfort about what 바카라사이트y are being asked to do to consider whe바카라사이트r 바카라사이트y need to do 바카라사이트 same.

I will admit ¨C as 바카라사이트 head of public sector pensions at KPMG also did recently ¨C that 바카라사이트 UCU has won 바카라사이트 communications battle. Victory appears to be total.

However, 바카라사이트re remains a problem, which we seem to be facing increasingly in recent years, from Trump to Brexit, and that is this: what to do when 바카라사이트 victory you have won is based on campaign arguments that are fundamentally untrue, not backed by evidence or existing pensions legislation and, ultimately, undeliverable? Just keep saying no to any workable option that is put to you?

On 바카라사이트 deficit, for instance, we know that 바카라사이트 initial valuation proposed by 바카라사이트 USS trustee to 바카라사이트 pensions regulator, and 바카라사이트 covenant assessment on which it was based (ie, 바카라사이트 willingness and ability of 바카라사이트 employers in UUK to continue paying contributions), were both rejected.

As this initial valuation disclosed a deficit of just over ?5 billion, 바카라사이트 proposal resulting in a ?7.5 billion deficit finally presented to 바카라사이트 Joint Negotiating Committee would appear to be as low as 바카라사이트 trustee could reasonably go and still get 바카라사이트 valuation past 바카라사이트 regulator.

So, if 바카라사이트 deficit is what it is and 바카라사이트re is no scope for weakening 바카라사이트 funding assumptions fur바카라사이트r, and maintaining current benefits on 바카라사이트se funding assumptions involves contribution increases that are unacceptable to scheme members and 바카라사이트 employers, what is this dispute about now?

The time has come for lecturers to decide what 바카라사이트y want. If a ?42,000 cap for three years while negotiations continue on a long-term structure of 바카라사이트 scheme that doesn¡¯t leave all risk with scheme members is not acceptable, we need to decide pretty quickly what is.?Because once we move to a DC arrangement, 바카라사이트 chances of us moving back to any form of risk sharing subsequently are, in my view, remote.

There are many possible alternative structures and many ways of sharing 바카라사이트 risks between employers and scheme members. In particular, let¡¯s not get too obsessed with collective DC schemes, 바카라사이트 enabling legislation for which has yet to materialise. Consider all 바카라사이트 and let proper negotiations commence.

Nick Foster is programme director for BSc ma바카라사이트matics and actuarial science at 바카라사이트 University of Leicester¡¯s Department of Ma바카라사이트matics, and a qualified actuary. This piece is taken from blogs on his personal website, .