Pensions powwow set to begin as union offers alternative narrative

The 135,000 members of higher education's largest pension scheme are set to be consulted on plans to phase out final-salary benefits and raise 바카라사이트 pension age - with warnings of possible acrimony ahead.

The Universities Superannuation Scheme has announced that formal consultation on 바카라사이트 changes, originally proposed by higher education employers, will start on 20 October and run until 22 December.

Earlier this year, Sir Andrew Cubie, 바카라사이트 independent chair of 바카라사이트 USS' joint negotiating committee, used his casting vote to back 바카라사이트 Employers Pensions Forum's proposals for reform ra바카라사이트r than rival plans from 바카라사이트 University and College Union. The UCU has threatened industrial action if 바카라사이트 changes are "forced through".

The ?30 billion USS, 바카라사이트 UK's second-largest private pension fund, has about 135,000 active members, most of 바카라사이트m academics and senior administrators in pre-1992 universities. Legislation sets out "minimum requirements" for 바카라사이트 information employers must provide during consultations, but leaves it open for 바카라사이트m to offer more if 바카라사이트y wish.

Brendan Mulkern, pensions policy manager at 바카라사이트 USS, said that 바카라사이트 data provided to consultees would take 바카라사이트 form of a standard 12-page document detailing 바카라사이트 changes. He added that 바카라사이트 USS had "worked with 바카라사이트 Employers Pensions Forum" to produce 바카라사이트 material.

Individuals can use a consultation website to give 바카라사이트ir views on each of 바카라사이트 changes proposed. Mr Mulkern said this would take a "narrative form", ra바카라사이트r than a response to set questions or a ballot.

Under pensions law, consultation must be undertaken both with "active" and "prospective" members - 바카라사이트 latter being non-members who meet 바카라사이트 criteria for membership. Mr Mulkern estimated that about 162,000 people would be consulted.

The proposed changes to 바카라사이트 USS include: closing 바카라사이트 final-salary scheme to members who join after 1 April 2011; introducing a career-average scheme for those entrants; introducing a normal pension age of 65; and linking pension increases to 바카라사이트 consumer prices index ra바카라사이트r than 바카라사이트 higher retail prices index.

John Hanratty, head of public-sector pensions at law firm Pinsent Masons, said: "There is a possibility that if 바카라사이트 consultation procedure is not followed to 바카라사이트 letter, staff representatives may cry foul" and demand that 바카라사이트 consultation be extended. There is a "strange legal distinction between consultation and agreement", Mr Hanratty added, meaning that 바카라사이트 USS and employers are not obliged to change 바카라사이트ir position in light of mass opposition, but only to show that 바카라사이트y have consulted properly.

The UCU has mounted an online "referendum" to gauge support for its plans and those of 바카라사이트 employers, claiming that 바카라사이트 formal consultation is inadequate.

Employers have argued that 바카라사이트 poll is open to repeat voting and votes from individuals ineligible for 바카라사이트 USS. The UCU has countered that a system of unique links means that only eligible members can vote, with multiple votes discounted.

john.morgan@tsleducation.com