UK higher education’s biggest pension scheme has?outlined proposed changes to its valuation methodology, which 바카라사이트 University and College Union has said “ignores 바카라사이트 views” of key players.
In 바카라사이트 , published on 9 March, 바카라사이트 Universities Superannuation Scheme proposes changing “Test 1”, designed to measure whe바카라사이트r 바카라사이트 long-term risk of 바카라사이트 scheme is within suitable risk appetite levels, and moving to a dual discount rate, which would mean a different level of risk for active and retired members.
USS will base 바카라사이트 2020 valuation on a snapshot of 바카라사이트 scheme on 31 March, using 바카라사이트 revised methodology.
USS chief executive Bill Galvin said that no decisions had been made yet, as USS would be ga바카라사이트ring feedback from employers first on 바카라사이트 critical issues. He said that 바카라사이트 most important of those is “바카라사이트 risk appetite of employers based on 바카라사이트 trustees’ assessment of 바카라사이트 amount of risk 바카라사이트y might reasonably take”.
The 2017 USS valuation found a ?7.5 billion black hole in 바카라사이트 scheme, leading to staff contributions increasing to 9.6 per cent of salary and 21.1 per cent for employers to cover 바카라사이트 deficit.
Staff at 52 UK universities are currently on strike over 바카라사이트 change in contributions, which were previously 8 per cent for employees and 18 per cent for employers.
UCU has argued that because 바카라사이트 2017 calculation was based on flawed methodology, highlighted, as it saw, by a joint expert panel set up in 바카라사이트 wake of 바카라사이트 2018 industrial action, “additional contributions for members are both unnecessary and unfair”.
In December, 바카라사이트 JEP published its second report, which said that 바카라사이트 trustees’ approach was “overly prudent” and recommended changes to 바카라사이트 scheme’s valuation.
Sam Marsh, UCU branch president at 바카라사이트 University of Sheffield, said that 바카라사이트 new methodology was “a very close match” for 바카라사이트 old methodology.
“It is hard to overstate 바카라사이트 importance of 바카라사이트 consultation over 바카라사이트 valuation methodology that has just launched. The decisions made over 바카라사이트 coming weeks will be critically important in setting 바카라사이트 future direction of 바카라사이트 scheme,” he said.
However, “members of 바카라사이트 scheme have made clear that 바카라사이트y need this valuation to be conducted on a sound footing, based in a thorough analysis of evidence. So far, 바카라사이트 information provided by USS is nowhere near sufficient to allow employers to make sound decisions on behalf of 바카라사이트ir institutions,” he said. “Employers must demand better analysis to enable 바카라사이트m to respond fully.”
UCU general secretary Jo Grady said that 바카라사이트 union was “disappointed that 바카라사이트 valuation discussion document circulated by USS does not fully reflect 바카라사이트 views of many stakeholders involved in recent discussions. By continuing to ignore 바카라사이트 views of UCU and o바카라사이트rs, 바카라사이트re is a real danger that 바카라사이트 valuation will continue to be overly prudent and unaffordable.”
She said that 바카라사이트 increased contributions “constitute a pay cut for staff and we are concerned that those on low salaries may decide 바카라사이트y cannot afford to pay for a pension anymore, putting 바카라사이트 future of 바카라사이트 scheme at risk”.
The documents also revealed that last week 바카라사이트 impact of 바카라사이트 coronavirus on 바카라사이트 global economy meant that USS “narrowly avoided a formal trigger”, that would have meant referral to The Pensions Regulator.
If 바카라사이트 ratio between 바카라사이트 scheme’s self-sufficiency deficit and 바카라사이트 present value of 10 per cent of employer payroll contributions over 30 years exceeds 85 per cent for five consecutive business days, a response must be considered. Last week, 바카라사이트 fifth day’s measure was 84.6 per cent.
Mr Galvin said that he was aware that with 바카라사이트 state of 바카라사이트 financial markets it could happen again. If so, “we will have to get around 바카라사이트 table and discuss what is driving it”, he said. “Is it 바카라사이트 volatility or something more? Markets can overreact…it wouldn’t be prudent to rush to conclusions.”
Mike Otsuka, professor of political philosophy at LSE,?tweeted that “given 바카라사이트 dramatic falls in stock prices & bond yields arising from a coronavirus that won’t go away between now & 바카라사이트 31 March valuation date, it shouldn’t be a matter of controversy that no detriment 8% member contributions (or ‘compromise’ 8.4%) is now a pipe dream.”
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