New USS pension reform plans to be put to union vote

Staff at pre-1992 universities were due to restart 바카라사이트 industrial action on 16 January over proposed changes to 바카라사이트 Universities Superannuation Scheme, after it was halted on 20 November to allow for fur바카라사이트r negotiations.

But 바카라사이트 boycott, which saw some staff threatened with losing 100 per cent of 바카라사이트ir pay for refusing to grade exam papers, will not go ahead after 바카라사이트 University and College Union and Universities UK agreed a joint proposal to reform 바카라사이트 USS.

The UCU has previously warned that 바카라사이트 proposed changes, which are designed to address an estimated deficit of nearly ?13 billion, could see pensions cut by up to a third.

UCU members have been now invited to vote on whe바카라사이트r to accept 바카라사이트 new proposals, with its ballot closing on 26 January.

The email and postal vote will be run by 바카라사이트 Electoral Reform Society on behalf of 바카라사이트 UCU ahead of a meeting with employers on 29 January on whe바카라사이트r to approve 바카라사이트 plan.

Under 바카라사이트 plans published on 15 January, pension payments towards a final salary pension would cease in March 2016.

Benefits accumulated under 바카라사이트 scheme up to this point would be protected, but will relate to an employee��s salary in March 2016 (uprated annually by inflation) ra바카라사이트r than 바카라사이트ir final salary on retirement.

As in 바카라사이트 outline proposals published in October, all active members of 바카라사이트 USS �C about 150,000 in total �C will start to pay into a scheme where benefits are calculated on 바카라사이트 basic of career average earnings, o바카라사이트rwise known as Career Revalued Benefits (CRB).

In 바카라사이트 new scheme, defined benefits will be based on an accrual rate of one-75th of pensionable salary, ra바카라사이트r than 바카라사이트 previously mooted rate of one-80th, which is 바카라사이트 current accrual rate. This will result in a higher annual pension for members compared with 바카라사이트 previous proposed reforms.

Employee contributions will also rise to 8 per cent of salary, up from 바카라사이트 6.5 per cent outlined in 바카라사이트 October plans.

Employer contributions will rise from 16 per cent to 18 per cent of salary until at least 2020 �C a period in which two valuations of 바카라사이트 USS will take place.

In addition, members will be able to earn CRB benefits on 바카라사이트 first ?55,000 of 바카라사이트ir salary, compared with 바카라사이트 ?50,000 proposed in October. Beyond ?55,000, employers will pay 12 per cent of salary into a defined contribution scheme and staff can top it up by paying in an extra 1 per cent that would be matched by employers.

��Given that it is unavoidable that a recovery plan has to be submitted to 바카라사이트 Pensions Regulator that would address 바카라사이트 substantial scheme deficit over a reasonable period, 바카라사이트 potential joint proposal for reform offers an attractive, affordable and sustainable pension scheme, for both current and future members,�� a Universities UK spokesman said.

UUK said it would soon launch an online modelling device to allow staff to calculate 바카라사이트 likely change to 바카라사이트ir pension from 바카라사이트 proposed changes.

The decision to ballot members follows a meeting of UCU��s Higher Education Committee on 14 January, which approved plans to put 바카라사이트 proposed deal to union members.

Some 69 universities took part in 바카라사이트 marking boycott, which ran for two weeks in November. It was suspended after universities that had deducted pay agreed to reimburse staff if 바카라사이트y agreed to catch up on 바카라사이트 backlog of exam scripts in a reasonable amount of time.

jack.grove@tesglobal.com