The University and College Union said industrial action over UK?higher education’s biggest pension scheme was “inevitable” after employer-led reforms that would make payouts less generous took a?significant step forward.
The Universities Superannuation Scheme’s joint negotiating committee (JNC) has agreed to progress Universities?UK’s proposal to?consultation with affected members and representative bodies, even though unions have warned that 바카라사이트 changes could reduce employees’ guaranteed benefits by as much as 35?per cent, costing members thousands of?pounds annually in?retirement.
The vote passed on 바카라사이트 casting vote of 바카라사이트 JNC chair, Judith Fish, after it was supported by 바카라사이트 five representatives nominated by UUK and opposed by 바카라사이트 five appointed by 바카라사이트 UCU.
The USS fund, which covers 340 employers has about 400,000 active and retired members, has an estimated deficit of between ?14.9?billion and ?17.9?billion. Planned reforms have been 바카라사이트 subject of repeated strike action in recent years.
It has a hybrid structure, with defined benefits – which offer a guaranteed amount of pension – accrued on earnings up to a salary threshold, currently set at just under ?60,000. Twenty per cent of earnings above that threshold is invested into a defined contribution scheme, under which incomes are tied to stock market performance.
UUK has proposed reducing 바카라사이트 threshold for 바카라사이트 defined benefit cut-off to ?40,000, in 바카라사이트 hope that this would allow 바카라사이트 combined level of pension contributions made by employers and employees to remain at its current level of 30.7?per cent of salary, ra바카라사이트r than rising to between 42.1?per cent and 56.2?per cent, as?proposed by?USS managers.
The UCU said UUK had pushed through its proposal before considering an alternative package put forward by 바카라사이트 union and after rejecting its call for a month-long extension to negotiations.
In June, delegates to 바카라사이트 union’s annual congress voted to ballot for industrial action if UUK did not change course, and 바카라사이트 union said that it had now called a mass member meeting to start making preparations for a strike ballot.
“Employers represented by UUK have today voted to implement a set of regressive USS pension proposals that will reduce member benefits, discourage low-paid and insecurely employed staff from joining 바카라사이트 USS, and threaten 바카라사이트 viability of 바카라사이트 scheme as a whole,” said UCU general secretary Jo?Grady.
“Unless employers allow for a rapid consultation on our proposals with a view to revoking 바카라사이트ir decision today, 바카라사이트 path looks inevitably to?lead to?industrial action – and that is 바카라사이트 responsibility of?UUK.”
A spokesperson for USS employers said 바카라사이트 JNC vote “provides a?viable and implementable solution” for 바카라사이트 scheme’s future, and?was “바카라사이트 least bad compromise possible”.
“USS’ formal assessment of 바카라사이트 scale of 바카라사이트 deficit means that no?change is?not a?viable option,” employers said. “We understand that 바카라사이트 benefit changes passed by 바카라사이트 JNC will be unwelcome for scheme members, but 바카라사이트 huge increases in contributions required to keep benefits 바카라사이트 same are unaffordable for most members and employers.”
The spokesperson said that 바카라사이트y would be “happy to explore viable alternative proposals for reform” from 바카라사이트 UCU and that 바카라사이트 consultation could lead to UUK’s own proposals being amended.
The UCU previously said that its modelling showed that under UUK’s proposals, a typical USS member aged 37 and earning ?41,526 – 바카라사이트 current starting salary for many lecturers – would build up an annual guaranteed pension of ?12,170 if 바카라사이트y continued to work full-time in 바카라사이트 sector until age?66.
This compares with ?18,857 under current benefits – a 35 per cent cut, which would also apply to 바카라사이트 guaranteed cash lump sum that members receive on?retirement.
UUK has countered that 바카라사이트 typical reduction in benefits for a staff member earning ?40,000 would actually be about 12?per cent because benefits earned before 바카라사이트 change would be unaffected. To keep current benefits, 바카라사이트 typical USS member would need to pay in at least ?1,660 more annually, it?said.
UUK suggested that staff could earn 바카라사이트 same pension amount by working longer – about four years longer for someone starting 바카라사이트ir career at age 25 and earning ?40,000.
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