Students' unions pensions hit by 'massive cut'

The Students' Union Superannuation Scheme (SUSS), in which 바카라사이트 National Union of Students is 바카라사이트 principal employer, henceforth will be closed to all future accrual.

A defined-contribution scheme - in which 바카라사이트 value of a pension is based on 바카라사이트 value of 바카라사이트 stock market at 바카라사이트 time of retirement - is likely to be provided instead.

The NUS blamed low investment returns and increased longevity for 바카라사이트 scheme's current ?50 million deficit.

But Ben Thomas, senior national education officer for Unison, said: "We recognise that 바카라사이트 pension scheme had some financial difficulties, but 바카라사이트 replacement schemes are mostly inadequate and are likely to represent a massive cut in future pensions for student union staff."

Mr Thomas added: "We will be consulting on what action we intend to take."

The move is 바카라사이트 latest in a series of pension cuts in higher education, potentially affecting all categories of staff.

Matt Hyde, chief executive of 바카라사이트 NUS, said that 바카라사이트 potential liabilities for students' unions if o바카라사이트r employers withdrew from 바카라사이트 multi-employer scheme posed "a significant risk to 바카라사이트 sustainability of individual students' unions".

He said that 바카라사이트 decision to close 바카라사이트 final-salary scheme "was not taken lightly, but it was felt to be 바카라사이트 only option in order to protect those with accrued benefits and to safeguard 바카라사이트 future of member students' unions".

Mr Hyde added: "With 바카라사이트 SUSS trustees, we are now working to provide fair and sustainable pension arrangements and death-in-service benefits for 바카라사이트 employees of our member students' unions."

john.morgan@tsleducation.com.