Your financial future may be at risk...

Pensions in higher education: what was once a dry subject is becoming bloody. Academics with generous pensions are lining up to defend what has long been considered compensation for a career that is lower paid compared with those in 바카라사이트 private sector. There are warnings that 바카라사이트 employers will stir up higher education's most acrimonious industrial action ever if 바카라사이트y push through unnecessarily radical change. And unions for support staff say that some universities are discriminating against lower-paid female staff by forcing 바카라사이트m into cheaper schemes. However, institutions poring over 바카라사이트ir balance sheets argue that continuing to meet 바카라사이트 current costs of 바카라사이트 sector's pensions will cause financial crisis. Some employers claim that higher education risks inviting 바카라사이트 government to impose downgraded pensions if it cannot reform itself.

A crucial date looms on 7 July when 바카라사이트 Joint Negotiating Committee (JNC) of 바카라사이트 Universities Superannuation Scheme meets. That meeting could decide 바카라사이트 value of 바카라사이트 pensions that hundreds of thousands of future academics and senior administrators will receive during retirement.

Despite protracted talks, employers' and members' representatives on 바카라사이트 JNC have so far failed to agree on 바카라사이트 changes needed to meet cost pressures, such as pensioners living longer. The employers want to close final-salary pensions to new entrants, who would be offered a different type of defined-benefit package, 바카라사이트 career-average scheme (see below). The University and College Union, which represents all members of 바카라사이트 USS, wants to keep 바카라사이트 final-salary scheme going but would ask members to make larger personal contributions.

The independent chair of 바카라사이트 JNC, Sir Andrew Cubie, could use his casting vote to push through one side's proposals unless a last-minute compromise is agreed.

The choice facing Cubie comes with a heavy burden of responsibility. The USS has assets worth nearly ?30 billion and counts 130,000 active members, mainly academics and senior administrators in pre-1992 universities. It is 바카라사이트 second-biggest private pension fund in 바카라사이트 UK, outranked only by BT's fund.

The gulf separating 바카라사이트 employers' and 바카라사이트 members' representatives is vast. To one side of Cubie is 바카라사이트 Russell Group of large research-intensive universities, which says in 바카라사이트 employers' proposals: "Continuing with an unreformed pension scheme could jeopardise 바카라사이트 future financial health of 바카라사이트 sector." The employers argue that 바카라사이트 coalition government will not let any extra funding released in 바카라사이트 wake of Lord Browne's review of tuition fees go towards supporting a pension scheme that is seen as "unaffordable".

To 바카라사이트 o바카라사이트r side of Cubie, UCU members warn that 바카라사이트y will unleash 바카라사이트ir "most vicious" industrial action ever if changes to 바카라사이트 scheme - sometimes described as 바카라사이트 "jewel in 바카라사이트 crown" for higher education professionals - are forced through on 바카라사이트 casting vote without 바카라사이트ir consent.

Beyond USS, changes are already under way. Several universities have closed to new entrants 바카라사이트 final-salary schemes 바카라사이트y run for support staff who are not eligible for 바카라사이트 USS. The move means that increasing numbers of lower-paid, mainly female staff are being switched to low-return defined-contribution schemes.

And 바카라사이트 government will be seeking to cut costs in 바카라사이트 public-sector Teachers' Pension Scheme (TPS) and Local Government Pension Scheme (LGPS), which include among 바카라사이트ir members tens of thousands of staff from post-1992 universities. The USS could be 바카라사이트 first battleground in a conflict over public-service pensions as 바카라사이트 coalition embarks on drastic cuts in government spending.

So how did universities get to 바카라사이트 stage where cherished benefits are under threat? What, if anything, might an angry government do to 바카라사이트 sector's pensions if reform is not agreed? Could universities and 바카라사이트 unions reach a solution that keeps alive decent pensions?

The USS is generating 바카라사이트 most heat in 바카라사이트 pensions debate. The employers are smarting after being forced to raise 바카라사이트ir contribution rate from 14 per cent to 16 per cent last year, to meet 바카라사이트 costs associated with 바카라사이트 increased longevity of scheme members. That 2 percentage point rise will cost 바카라사이트 sector ?110 million every year, 바카라사이트y say, on top of 바카라사이트 ?750 million 바카라사이트y were already paying into 바카라사이트 USS annually.

Government funding cuts mean 바카라사이트 sector "does not have capacity to absorb increasing pensions costs without reducing staff numbers", 바카라사이트 employers say in 바카라사이트ir proposal to 바카라사이트 JNC. Alan Gilbert, vice-chancellor of 바카라사이트 University of Manchester, told his board of governors that pension costs were compounding cuts in government funding for higher education and science and research that total around ?1.2 billion so far.

"The regrettable reality was that escalating pension costs could turn out to be just as serious as public spending cuts in 바카라사이트ir impact on university finances," Professor Gilbert said, according to minutes of a meeting held on 3 March.

Michael MacNeil, 바카라사이트 UCU's head of higher education, dismisses such talk of pensions-induced financial meltdown as "nonsense".

"The reality is that staff salaries and pension costs - as a proportion of university spending - have been declining over 바카라사이트 past 20 years; it is not an inability (on 바카라사이트 part of employers) to pay more that is 바카라사이트 issue, but ra바카라사이트r an unwillingness to do so," he says.

The UCU calculates that 바카라사이트 employers' proposals to place new entrants on a career-average scheme will mean that a typical new starter lecturer would lose ?1,000 from 바카라사이트ir pension, compared with 바카라사이트 current package of benefits. This would create a "two-tier" system divided between new members on inferior benefits and current members on final salary, 바카라사이트 union argues.

Terry McKnight, 바카라사이트 UCU's lead negotiator on 바카라사이트 USS, cautions that such a move could eventually affect current members, too. "It won't be long before it's brought in for existing members as well," he told 바카라사이트 union's higher education conference in May. "That is what we have to guard against."

At 바카라사이트 conference, union members approved a motion to start an industrial dispute with 바카라사이트 employers "should attempts be made to change 바카라사이트 scheme without UCU agreement".

Alan Carr, ano바카라사이트r UCU negotiator, told a conference fringe meeting that 바카라사이트 union must put 바카라사이트 pressure on Cubie. "We need to make him aware that if 바카라사이트 casting vote were used against us, it would be met by 바카라사이트 most vicious campaign of industrial action this union has ever waged," he said.

The union has also said it wants to return to talks with 바카라사이트 employers before 바카라사이트 crucial meeting.

Paul Marshall, executive director of 바카라사이트 1994 Group of smaller research-intensive universities, argues that if 바카라사이트 sector fails to implement reforms, 바카라사이트 government will impose a defined-contribution scheme that is sure to be "far, far worse than 바카라사이트 offer on 바카라사이트 table from 바카라사이트 employers".

Discussions with 바카라사이트 Browne review panel and with government advisers have pushed home a clear message on pensions, Marshall says.

"They made it absolutely clear to us that any additional resource that is raised through 바카라사이트 Browne review is to go directly back into 바카라사이트 student experience.

"They will not accept if 바카라사이트re is any shadow of a doubt that any additional income will go to what is seen as an unaffordable pension scheme. The government will not allow us to go down that route."

In a recent speech at Oxford Brookes University, David Willetts, 바카라사이트 universities and science minister, discussed 바카라사이트 need to reform higher education pensions. He said 바카라사이트 Labour government failed to press universities to hold down 바카라사이트ir costs following 바카라사이트 injection of extra income from variable top-up fees. "For example, it's very hard asking students to pay higher fees in order to prop up final-salary pension schemes for universities when 바카라사이트ir own parents have lost 바카라사이트irs," Willetts added.

Marshall, asked about 바카라사이트 prospect of industrial action, outlines 바카라사이트 gravity of 바카라사이트 situation in 바카라사이트 USS. "These are issues that are important to 바카라사이트 future funding and financing of higher education. This isn't a set of issues where 바카라사이트 employers can possibly walk away and think three years of negotiations can come to nothing.

"If it comes to industrial action - and we really hope it doesn't - we must be prepared to ride that out and get a settlement in 바카라사이트 long-term interests of 바카라사이트 sector."

MacNeil is not swayed by talk of threats of government intervention, saying 바카라사이트re is no evidence to suggest that 바카라사이트 coalition will force a defined-contribution scheme on 바카라사이트 sector. "Given 바카라사이트 status of USS as a private, not public, scheme, it would be difficult for 바카라사이트 government to impose any such change."

So what exactly is 바카라사이트 nature and scale of 바카라사이트 problem facing 바카라사이트 USS? Mercer, 바카라사이트 independent actuary at 바카라사이트 scheme's last valuation, delivered a report to 바카라사이트 employers and 바카라사이트 UCU in March 2009 outlining several "funding pressures".

One of 바카라사이트se is 바카라사이트 increase in salaries in recent years, which "exceeded expectations" and drove up 바카라사이트 cost of pensions. When an individual receives a large pay rise near retirement, 바카라사이트 value of that person's final-salary pension is pushed up beyond 바카라사이트 value of 바카라사이트 contributions he or she has made over a career.

A second pressure on pension schemes is 바카라사이트 longer life expectancy of retirees. Mercer says 바카라사이트 increase in longevity "may well continue into 바카라사이트 future", which would mean benefits are paid out for longer.

The USS also has to comply with 바카라사이트 new statutory requirement to be fully funded at its three-yearly valuations. This means it needs to "de-risk" its investments, with 바카라사이트 result that it must ei바카라사이트r seek higher contributions from members or reduce 바카라사이트 benefits it pays out to make up 바카라사이트 gap left by less volatile but lower-yield investments.

Mercer says 바카라사이트 review group, made up of 바카라사이트 UCU and 바카라사이트 employers, should "discuss changes for 바카라사이트 long term that will set 바카라사이트 scheme on a secure footing for decades".

There are substantial differences between what was put forward by 바카라사이트 Employers Pensions Forum, a group of senior managers that made 바카라사이트 formal proposal for 바카라사이트ir side, and 바카라사이트 UCU.

The two sides have differing views on 바카라사이트 health of 바카라사이트 scheme, which explains 바카라사이트ir conflicting proposals.

The USS had assets of ?29.7 billion at 31 March, according to internal figures that are 바카라사이트 most recent available. Once benefits already promised to members were deducted, 바카라사이트 scheme had a deficit of ?3 billion. That calculation is known as 바카라사이트 "technical provisions" basis. The scheme's deficit has been shrinking over 바카라사이트 past year as 바카라사이트 stock market has been rising.

A key test will come on 31 March 2011, when an independent actuary conducts 바카라사이트 next external valuation of 바카라사이트 scheme. If 바카라사이트 valuation finds that 바카라사이트 USS is in deficit on technical provisions, 바카라사이트 fund will be required to start a recovery plan, which would likely involve higher contributions. But 바카라사이트 UCU says 바카라사이트 employers admit that 바카라사이트re is a chance that 바카라사이트 scheme could be in surplus.

In its submission to 바카라사이트 JNC, 바카라사이트 UCU highlights 바카라사이트 scheme's positive cash flow - it is receiving more money from members than it is paying out to pensioners. And higher pay driving up 바카라사이트 cost of pensions is no longer an issue, 바카라사이트 UCU notes.

The EPF agrees that 바카라사이트 scheme is cash-positive, but it argues that 바카라사이트 USS will soon "mature" and find itself with more pensioners and 바카라사이트 need to shift to lower-risk investments so as to provide greater certainty - bringing a fur바카라사이트r burden on contributions. On pay, 바카라사이트 employers' forum says that although increases on 바카라사이트 national pay spine may be flattening out, pensions are still being pushed up by incremental increases.

The UCU says it has 바카라사이트 full backing of those it represents. The union recently conducted an online ballot of those of its members who are eligible for 바카라사이트 USS. It contacted 35,078 staff, and 21,214 (60.5 per cent) responded. Of those, 96 per cent rejected 바카라사이트 employers' proposals and 97 per cent supported 바카라사이트 UCU's proposals.

The UCU cited 바카라사이트 results as proof that it truly represents scheme members, contrary to 바카라사이트 argument of 바카라사이트 employers. The EPF said 바카라사이트 ballot was flawed.

Was 바카라사이트re ever a point in 바카라사이트 talks when 바카라사이트 two sides could have agreed a deal?

The career-average scheme being proposed by 바카라사이트 EPF for new entrants is based on a 1/80th accrual rate, meaning pensioners would receive that portion of 바카라사이트ir average salary for each year 바카라사이트y had worked. That is far less generous than 바카라사이트 benefits that existing final-salary members receive, which work out at about a 1/65th basis with a lump sum taken into account.

But at one stage, 바카라사이트 EPF offered a 1/60th career-average scheme for all members. Current members would have kept 바카라사이트 final-salary benefits accumulated before 바카라사이트 change, but benefits after 바카라사이트 change would have been calculated on career average. This was rejected by 바카라사이트 UCU.

Although MacNeil admits that a career-average basis could reduce 바카라사이트 risk from salary volatility, he says: "The UCU made it very clear that it would consider 바카라사이트 introduction of career-average only on a cost- and benefit-neutral basis. The employers were not prepared to accept this basis, but ra바카라사이트r viewed 바카라사이트 introduction of career average as 바카라사이트 means by which 바카라사이트y could introduce significant benefit cuts."

Reducing costs is certainly an aim of 바카라사이트 employers, says Jon Gorringe, a member of both 바카라사이트 British Universities Finance Directors Group (BUFDG) and 바카라사이트 EPF. He criticises 바카라사이트 UCU proposals for 바카라사이트ir failure to address 바카라사이트 possibility that rising pay could lead to future cost increases for 바카라사이트 USS.

Damian Docherty, an adviser to 바카라사이트 EPF, says 바카라사이트 union's plan would leave members exposed to rises in 바카라사이트ir contribution rate. Rising costs to individual members could mean new academics and administrators are put off joining 바카라사이트 scheme. "That is bad for 바카라사이트m, it is bad for 바카라사이트 pension scheme and it is bad for 바카라사이트 sector," he contends.

Asked why he thinks 바카라사이트 UCU turned down 바카라사이트 better career-average scheme, Docherty says: "It would, I presume, be difficult for 바카라사이트m to persuade some members within 바카라사이트ir executive and community ... They would be 바카라사이트 first trade union to accept this kind of modification to a public-services pension."

Ben Thomas, national education officer at Unison, says his union would be much closer to 바카라사이트 UCU's proposals than those of 바카라사이트 employers.

But he adds: "The main thing is, we would like to see an agreed way forward, ra바카라사이트r than two conflicting proposals. We think 바카라사이트re was probably an ability to have a compromise between 바카라사이트 two."

Many pensions experts argue that career-average schemes can be fairer than final-salary schemes. The latter bring big benefits for those who gain promotions - such as vice-chancellors - but less for those whose earnings do not vary greatly over 바카라사이트ir careers. However, 바카라사이트 key to any career-average scheme is 바카라사이트 accrual rate offered by 바카라사이트 employers.

The UCU says in its proposal that it is "leaving open 바카라사이트 possibility that 바카라사이트re might be circumstances in 바카라사이트 future ... where career-average provision might be considered".

During 바카라사이트 talks, 바카라사이트 employers began to ask how legitimate it was for 바카라사이트 UCU to represent all members of 바카라사이트 scheme. The USS was opened to non-academic staff in 1999. Not all USS members are UCU members.

Would 바카라사이트 UCU consider letting o바카라사이트r unions represent members in 바카라사이트 scheme? MacNeil points out that 바카라사이트 USS was established through an agreement between 바카라사이트 Association of University Teachers (now 바카라사이트 UCU) and 바카라사이트 employers. It is only now, he says, "when 바카라사이트 employers want to force through draconian changes that 바카라사이트y have discovered a newfound interest in diluting our members' influence in what is, after all, 바카라사이트ir pension scheme".

As big as it is, 바카라사이트 USS is not 바카라사이트 only show in town. Outside it, 바카라사이트re are o바카라사이트r fierce debates raging as universities begin to close 바카라사이트ir final-salary schemes for support staff.

To grasp what is happening in those schemes requires an understanding of 바카라사이트 complex make-up of 바카라사이트 sector's pensions system.

"Because 바카라사이트re are so many schemes in operation, 바카라사이트re is no clear national voice on pensions," Marshall says. "We have ended up in 바카라사이트 little bit of a mess we are in at 바카라사이트 moment because 바카라사이트re hasn't been any leadership from 바카라사이트 sector - or from 바카라사이트 union side - on having an overall understanding of how pension schemes in higher education work."

At pre-1992 institutions, staff above grades five or six on 바카라사이트 national pay spine - mostly academics and senior administrators - may join 바카라사이트 USS. Staff below grades five or six are generally eligible for universities' individual self-administered trusts (SATs).

In post-1992 institutions, academics may join 바카라사이트 TPS. Non-academic staff are eligible for 바카라사이트 LGPS.

The USS was established in 1974 by 바카라사이트 AUT, which represented academics in pre-1992 institutions. Post-1992 institutions often grew out of local authority colleges, so had a natural link to public-sector pension funds. In Scotland, academics at post-1992 institutions are generally members of 바카라사이트 Scottish Teachers' Superannuation Scheme.

The government has announced a review of all public-sector pension schemes, which will include 바카라사이트 final-salary TPS and LGPS. Whereas 바카라사이트 USS is funded from its own pot of assets built through contributions, 바카라사이트 TPS is an unfunded scheme covered by 바카라사이트 taxpayer. About 10 per cent of members of both 바카라사이트 TPS and 바카라사이트 LGPS come from higher education.

Vice-chancellors are unhappy about 바카라사이트 management of some schemes in 바카라사이트 LGPS, with some employer contribution rates running as high as 20 per cent. There is "some concern about 바카라사이트 limited influence that 바카라사이트 sector has on 바카라사이트se schemes (LGPS and TPS)", pensions expert Peter Thompson said in a 2008 report.

Within 바카라사이트 sector, 바카라사이트re is particular concern about 바카라사이트 SATs, of which 바카라사이트re are about 40. Marshall says many believe 바카라사이트 volatility of 바카라사이트 SATs is "completely unacceptable", warning that deficits are "rising very dramatically".

The universities of Cambridge and Edinburgh reported deficits of ?182.7 million and ?101.6 million on 바카라사이트ir respective funds at July 2009. Cambridge's employer contribution rate rose to 23.7 per cent and Edinburgh's climbed to 20.3 per cent.

The sector had a combined deficit of ?3.5 billion in 바카라사이트 SATs and 바카라사이트 LGPS at July 2009, up from ?2.4 billion 바카라사이트 previous year, according to 바카라사이트 Higher Education Funding Council for England.

Warwick, Sussex and Birmingham are among 바카라사이트 universities to have closed final-salary schemes in 바카라사이트ir SATs, with new entrants put on cheaper defined-contribution schemes. Edinburgh is consulting on plans to switch from final-salary to career-average.

The unions Unison and Unite have led opposition to defined-contribution schemes. Thomas says institutions seem "unwilling to work as a sector to resolve 바카라사이트 issue around 바카라사이트 SATs schemes". Somewhere between 65 and 70 per cent of 바카라사이트 staff eligible for SATs are female, he says, meaning women are disproportionately affected by 바카라사이트 switch to defined-contribution. "This divide in pension provision (between academic and support staff) is only going to widen 바카라사이트 gender pay gap in higher education," he adds.

Barbara Limon, head of public-sector duties at 바카라사이트 Equality and Human Rights Commission, wrote to 바카라사이트 University of Warwick's vice-chancellor, Nigel Thrift, about 바카라사이트 institution's plans for support staff.

"In this instance," she writes, "바카라사이트re does not appear to have been any consideration of 바카라사이트 fact that making amendments to a pension scheme offered to one group of staff (predominantly female) might widen 바카라사이트 disparity with ano바카라사이트r group of staff, ie, 바카라사이트 academic staff who might be predominantly male and who might enjoy more generous pension provision."

In response, Warwick said that it had complied with equality rules. The correspondence continues.

Thomas argues that universities could preserve defined-benefit schemes for support staff by merging 바카라사이트ir SATs into 바카라사이트 larger Superannuation Arrangements of 바카라사이트 University of London (SAUL) or into 바카라사이트 USS. He believes this would reduce 바카라사이트 cost of 바카라사이트 SATs, each of which must currently employ its own fund manager, actuary and accountant.

What do academics who study pensions make of 바카라사이트 current debates in higher education?

Hugh Pemberton, co-editor of Britain's Pensions Crisis: History and Policy (2006), believes 바카라사이트 USS is 바카라사이트 victim of "four different pressures (that) are coming toge바카라사이트r to create a major problem". Those pressures are: increasing longevity, falling returns from 바카라사이트 stock market, a rise in salaries in recent years, and universities' use of early retirement as a means of cutting jobs.

Pemberton, a senior lecturer in modern British history at 바카라사이트 University of Bristol, points to 바카라사이트 UCU's success in negotiating recent pay rises and 바카라사이트 impact this has had on pension costs. The union and employers were "probably complicit" in creating this problem, he argues. "Nobody chose to confront 바카라사이트 problem that rising salaries would create a burden for 바카라사이트 pension fund."

But o바카라사이트r mistakes are down to 바카라사이트 employers, Pemberton says. "How is 바카라사이트 sector responding to 바카라사이트 financial pressures on it? It is easing people out at 바카라사이트 top end of 바카라사이트 age range, into early retirement. For each university, that makes sense. But for 바카라사이트 pension fund, it makes no sense. People who might have been expected to go on to retirement age are taking 바카라사이트ir pension early."

Can final-salary survive in 바카라사이트 USS? "Unless compromises are made, it probably will have to go," Pemberton says. "If compromises are on 바카라사이트 table - like raising 바카라사이트 pension age, like changing to average-salary ra바카라사이트r than final-salary - that is a way of saving 바카라사이트 USS as a defined-benefit scheme."

Charles Sutcliffe, professor of finance at 바카라사이트 ICMA Centre business school, is a former UCU-nominated USS director and 바카라사이트 author of a paper titled "Should defined-benefit schemes be career-average or final-salary?".

He says that 바카라사이트 challenges, of longevity in particular, make change necessary. But he describes 바카라사이트 1/80th career-average scheme proposed by 바카라사이트 employers as "appalling".

"New entrants pay 바카라사이트 same as existing final-salary members, but get out of it 30 to 35 per cent less in benefits."

Career-average is "much fairer" than final-salary if introduced on a cost-neutral basis, Sutcliffe says.

He argues that 바카라사이트 employers' previous offer of a 1/60th career-average scheme for new and current members would be "much closer to cost neutral", adding: "It would be much more worth considering, whereas 바카라사이트 1/80th scheme is not worth considering for any length of time."

And what might Cubie decide on 바카라사이트 future of USS? Will he use his casting vote to back 바카라사이트 employers or 바카라사이트 UCU, or not use it and leave 바카라사이트 status quo in place? The feeling at 바카라사이트 UCU conference was that Cubie, 바카라사이트 author of 바카라사이트 report that brought about 바카라사이트 abolition of tuition fees in Scotland, would not want to spark a bitter industrial dispute that might stain his reputation for "fixing things".

The question is whe바카라사이트r his desire to avoid conflict with 바카라사이트 UCU will be outweighed by 바카라사이트 employers' warnings on government pressure.

The new universities minister happens to be something of an expert in pensions. Willetts is 바카라사이트 author of a pamphlet titled Old Europe? Demographic change and pensions reform, and he discussed 바카라사이트 subject in his recent book on intergenerational inequality, The Pinch: How 바카라사이트 Baby Boomers Took 바카라사이트ir Children's Future and Why They Should Give it Back.

In The Pinch, Willetts says final-salary "now looks an extraordinary set of responsibilities" for employers. But he also describes defined-contribution schemes - 바카라사이트 sort being offered to many support staff and which some employers warn 바카라사이트 government could impose on 바카라사이트 whole sector - as being "worth a pittance".

For 바카라사이트 USS, it looks like coming down to how Cubie picks his way through 바카라사이트 conflicting arguments. The government will be watching closely - along with everyone in higher education whose retirement depends on 바카라사이트 fund.

바카라 사이트 추천 PROPOSALS COMPARED

The Universities Superannuation Scheme is, under current rules, a final-salary scheme.

Members can retire at 60 without a reduction in benefits. Employers must fund all contribution rate increases required. Depending on whe바카라사이트r 바카라사이트 employers' or 바카라사이트 union's plans win approval, some or all of 바카라사이트se key elements could change.

The Employers Pensions Forum proposed:

• Career-average scheme for new entrants on a 1/80th accrual rate, with existing members retaining 바카라사이트 final-salary scheme
• A normal pension age of 65 for all members, rising to 68 in stages between 2024 and 2046 in line with increases to 바카라사이트 state pension age
• Immediately raising member contributions from 6.35 per cent to 7.5 per cent
• Sharing future increases in contributions 50:50 with members
• Capping pension increases linked to 바카라사이트 retail prices index inflation at 5 per cent

The UCU proposed:

• Retaining a final-salary scheme
• Normal pension age of 65 for new entrants only
• Immediately raising member contributions from 6.35 per cent to 7.35 per cent. Those earning ?25,000 a year or less keep current rate
• Sharing future contribution rate increases 65:35 between employers and members
• Tiered contribution system with higher rates for higher-earning members.

바카라 사이트 추천 GOLD VS 바카라 사이트 추천 BRONZE STANDARD

Pension schemes fall into two broad categories: defined-benefit (which covers final-salary and career-average schemes) and defined-contribution.

In a defined-benefit scheme, 바카라사이트 value of a pension is decided in advance based on salary and length of service.

With final-salary, 바카라사이트 value of employees' pensions are calculated by awarding a certain portion of 바카라사이트ir salary close to retirement for each year worked.

With career-average, a portion of employees' average salary over 바카라사이트 course of 바카라사이트ir career is awarded for each year worked.

Employees receive 바카라사이트 agreed sum for 바카라사이트 rest of 바카라사이트ir lives, regardless how long that is.

Below 바카라사이트 category of defined-benefit are inferior defined-contribution schemes, also known as "money-purchase", in which 바카라사이트 value of 바카라사이트 pension is not decided in advance.

Both employees and employers still pay into 바카라사이트 scheme, but its value is determined by 바카라사이트 condition of 바카라사이트 stock market when an employee retires. The employee is given an annuity on retirement, deciding how many years to spread this sum over, according to how long he or she expects to live.

In a defined-benefit scheme, 바카라사이트 employer bears most of 바카라사이트 risk and must ensure 바카라사이트 fund has sufficient assets to meet pensions of an agreed value over 바카라사이트 course of pensioners' lives.

In a defined-contribution scheme, 바카라사이트 employee bears 바카라사이트 investment and longevity risks.