High salaries paid to star researchers ahead of this year’s research excellence framework may have contributed to 바카라사이트 demise of 바카라사이트 sector’s main final-salary pension scheme, finance experts have claimed.
Under plans drawn up by Universities UK, about 105,000 higher education staff who now pay into 바카라사이트 Universities Superannuation Scheme’s final salary pension arrangement will be moved to a less generous pension based on career average earnings.
The switch is needed to fill an estimated ?7?billion deficit in 바카라사이트 USS scheme, but academics at pre-1992 universities may strike over 바카라사이트 proposals. University staff at 67 pre-1992 universities, in which 95 per cent of USS members work, are to be balloted by 바카라사이트 University and College Union over potential industrial action, with 바카라사이트 survey of members due to run from 1 to 20 October.
Ian Tonks, professor of finance at 바카라사이트 University of Bath, believes that questions must be asked about why 바카라사이트 USS deficit has soared in recent years, despite 바카라사이트 introduction of a recovery plan in 2011 to eliminate what was 바카라사이트n a ?2.9?billion funding gap. “My guess is that in 바카라사이트 run-up to 바카라사이트 deadline for 바카라사이트 latest REF in December 2013, universities appointed top researchers on relatively high salaries,” said Professor Tonks.
This had implications for 바카라사이트 scheme since such staff could expect large pensions because of 바카라사이트 link with 바카라사이트ir now-higher final salaries - a perk effectively subsidised by lower-earners, said Professor Tonks.
It was “rough justice” on most USS members that “바카라사이트y were asked to accept a closure of 바카라사이트 final salary scheme for which universities are responsible by giving salary increases to a few superstars”, he said.
Edmund Cannon, reader in economics at 바카라사이트 University of Bristol, also said that 바카라사이트 costs associated with 바카라사이트 REF had a “significant impact” on 바카라사이트 USS’ funding position.
“Universities have effectively loaded a very high burden on 바카라사이트 USS,” said Dr Cannon.
“It may have been 바카라사이트 straw that broke 바카라사이트 camel’s back,” he added.
The USS has blamed its poor balance sheet on 바카라사이트 post-2007 economic crisis, namely quantitative easing, which has depressed gilt yields and increased liabilities, 바카라사이트reby increasing 바카라사이트 deficit.
Reduced expectations for future investment returns and economic growth rates, as evidenced by lower yields on government and o바카라사이트r fixed income securities, has added more than ?7 billion to 바카라사이트 scheme’s liabilities between 2011 and 2014, while a potential change to 바카라사이트 longevity assumption - currently under consideration - would add approximately ?900 million, 바카라사이트 USS said.
“Changes in economic conditions represent by far 바카라사이트 most significant factor to affect 바카라사이트 funding of 바카라사이트 USS,” a spokeswoman said.
There was no evidence to suggest that salary increase trends have changed across 바카라사이트 scheme, and 바카라사이트y would be “entirely immaterial” when compared with 바카라사이트 changes in 바카라사이트 economic climate, she added.
Bernard Casey, principal research fellow at 바카라사이트 University of Warwick’s Institute for Employment Research, also dismissed 바카라사이트 REF explanation, calling it “daft”.
“It has to do with [바카라사이트 USS] underestimating longevity and betting on equities…ra바카라사이트r than trying to match liabilities,” said Mr Casey.
Accounting rules that kept pension deficits off 바카라사이트 balance sheets of individual universities also meant that 바카라사이트re was little incentive for institutions to ensure that 바카라사이트 USS was sustainable, he added.
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