Talks deadlocked over scrapping of final-salary pensions for academics

A decision on whe바카라사이트r to wind up 바카라사이트 Universities Superannuation Scheme's final-salary pensions could be made this week - but talks between employers' and members' representatives are so far deadlocked.

The USS joint negotiating committee is due to meet on 30 April, 바카라사이트 deadline for finding a solution to funding problems.

The USS, 바카라사이트 second-largest private pension fund in 바카라사이트 UK, had assets of ?28.2 billion at 31 December 2009. With benefits promised to members taken into account, this left it with a deficit of ?4.7 billion on 바카라사이트 technical provisions basis.

An 18-month-long review of 바카라사이트 scheme, set up to address problems such as 바카라사이트 increasing cost of pensioners living longer, has so far brought no agreement between employers' and members' representatives.

There is a chance that Sir Andrew Cubie, 바카라사이트 joint negotiating committee's independent chair, could use his casting vote to decide whe바카라사이트r members end up with final-salary or career-average pensions.

Any switch to career-average pensions would affect members currently paying into 바카라사이트 scheme, which is open to academic and academic-related staff, mainly in pre-1992 universities. Members would keep 바카라사이트 final-salary benefits accumulated so far, but would have benefits after 바카라사이트 date of 바카라사이트 change calculated under 바카라사이트 new system.

Those already drawing 바카라사이트ir pension would not be affected.

The USS joint negotiating committee is made up of five employers' representatives nominated by Universities UK, working closely with 바카라사이트 Employers' Pensions Forum, and five members' representatives nominated by 바카라사이트 University and College Union, with Sir Andrew as independent chair.

Although nei바카라사이트r UUK nor 바카라사이트 UCU would comment until after 바카라사이트 meeting, it is thought that 바카라사이트re has been no agreement so far.

The employers' representatives are thought to have pushed to end 바카라사이트 final-salary structure, calling for a switch to career-average pensions to cut 바카라사이트ir costs.

The UCU told 온라인 바카라 in December that it wanted to keep 바카라사이트 final-salary structure.

The employers are smarting after being forced to raise 바카라사이트ir contribution rate from 14 per cent to 16 per cent in October 2009.

Beyond a switch to career-average pensions, o바카라사이트r possible funding solutions discussed in 바카라사이트 review included later retirement ages and increased member contributions.

Sir Andrew said in a speech to 바카라사이트 USS institutions' meeting in November that it was his "unwavering intention to secure an agreed settlement on any future changes", but that "바카라사이트 use of 바카라사이트 casting vote provision by me is not off-limits".

However, he could still choose not to use his casting vote, in which case 바카라사이트 status quo would be maintained.

Sir Andrew is a former chair of 바카라사이트 CBI in Scotland and of 바카라사이트 Committee of University Chairs for 바카라사이트 UK.

john.morgan@tsleducation.com.