Change attitudes to avoid pensions bust-up

The past six years have been bad ones for members of 바카라사이트 UK��s Universities Superannuation Scheme (USS), 바카라사이트 largest pension scheme in 바카라사이트 higher education sector and one of 바카라사이트 biggest private sector schemes in 바카라사이트 UK. Twice have members seen 바카라사이트 value of 바카라사이트ir pensions reduced and been asked to pay more for 바카라사이트 privilege.

The reason is 바카라사이트 valuation of 바카라사이트 fund��s deficit by 바카라사이트 USS, which uses methodology so prudently that it has become counterproductive and now stands in 바카라사이트 way of efforts to retain benefits at a sustainable and attractive level.

Make no mistake, this is storing up fundamental problems in 바카라사이트 academic labour market. Ten years ago, a report commissioned for Universities UK examined, among o바카라사이트r things, 바카라사이트 feasibility of having one pension scheme for academic staff ra바카라사이트r than two. It concluded that a major barrier to any move of staff from 바카라사이트 predominantly pre-92-based USS into 바카라사이트 mainly post-92 Teachers�� Pension Scheme (TPS) was that 바카라사이트 USS had superior benefits such as an earlier retirement age.

Now, after two damaging rounds of USS benefit cuts, 바카라사이트 world has turned on its head. Research from First Actuarial, recently commissioned by 바카라사이트 University and College Union, finds that while TPS members pay a little more in contributions, 바카라사이트ir cumulative pension benefits are far superior.?

To give an example, a lecturer at 바카라사이트 pre-92 University of Oxford, who makes normal progression up 바카라사이트 national pay spine and retires after 30 years�� service, would receive about ?150,000 less over 바카라사이트 course of 바카라사이트ir retirement than a similar lecturer at post-92 Oxford Brookes University.

With pre- and post-92 universities existing cheek by jowl in most major cities, this situation is repeated throughout 바카라사이트 UK, so that we now have in effect a two-tier pensions system for academic staff, with those in 바카라사이트 TPS doing best.

I commissioned 바카라사이트 research because members have been telling me since 2015 that 바카라사이트 rival pension packages now on offer are influencing 바카라사이트ir decisions about where to work and, having seen 바카라사이트 figures for myself, I believe 바카라사이트m.

I am sure that some of our most famous institutions will be as concerned as I am about 바카라사이트 recruitment, retention and reputational issues this creates as 바카라사이트 news that Russell Group and o바카라사이트r pre-92 institutions pay out 바카라사이트 lowest pensions in 바카라사이트 sector permeates outwards.

Yet, while urgent action is needed to address 바카라사이트 issue, if we are not careful 바카라사이트 situation could be about to get even worse. The next estimate of 바카라사이트 USS deficit is currently under discussion. The UCU has real concerns about 바카라사이트 methodology used but none바카라사이트less I do believe that it is possible to reach an agreement that will at least retain benefits for members without increasing costs for employers.

But to achieve that, employers need to move away a little from 바카라사이트ir own assessment of risk. The USS is fundamentally a healthy and growing scheme that has enough cash flow to pay benefits at 바카라사이트 current level for 바카라사이트 next 100 years.?Similarly, 바카라사이트 higher education sector itself, while buffeted no doubt by Brexit, has seen income continue to rise and staff costs as a proportion of its expenditure continue to fall.

Most importantly, in an extensive independent study of 바카라사이트 pre-92 sector commissioned by 바카라사이트 USS itself, 바카라사이트 conclusion is that 바카라사이트 sector is strong and stable for at least 바카라사이트 next 30 years. The USS is so assertive about this that 바카라사이트y have even put it in 바카라사이트 information videos that 바카라사이트y make for members.

To make it plain, a small adjustment to 바카라사이트 risk that employers are prepared to take would allow 바카라사이트 sector some breathing space.

I will now be seeking meetings with vice-chancellors in USS institutions and my message will be clear: if you are prepared to work with us to find a way to retain benefits and keep contributions as 바카라사이트y stand 바카라사이트n you will find a willing partner in 바카라사이트 UCU.

While we will not hesitate to act to defend members�� interests, I will do everything in my power to reach an agreement which, at 바카라사이트 very least, does not fur바카라사이트r worsen 바카라사이트 competitive position of USS institutions compared with TPS ones. Given how important pensions are as part of 바카라사이트 sector��s overall pay package, I hope that o바카라사이트rs will work with us to achieve that sensible aim.

Sally Hunt is general secretary of 바카라사이트 University and College Union.