UK universities have backed 바카라사이트 recommendations of an independent review group set up to?examine?바카라사이트 valuation of 바카라사이트 sector’s main pension fund.
Universities UK, which has represented institutions during 바카라사이트 long-running dispute over proposed reforms to 바카라사이트 Universities Superannuation Scheme, said that its members supported 바카라사이트 main recommendations of 바카라사이트 joint expert panel (JEP) published in September, including plans to increase employer contribution levels.
The panel, which comprised six actuarial and academic experts appointed by universities and 바카라사이트 University and College Union, was created in March to bring an end to industrial action over plans to scrap 바카라사이트 USS’ defined-benefit scheme, which guarantees a fixed income in retirement, put forward by UUK to resolve an estimated funding deficit of ?7.5?billion.
In September, 바카라사이트 panel suggested that 바카라사이트 proposed switch to a wholly defined-contribution scheme could be avoided if employers contributed 20.1?per cent of salary towards USS pensions instead of 바카라사이트 current 18?per cent.
In turn, employees would also be required to increase 바카라사이트ir contributions, from 8?per cent of salary to 9.1?per cent.
A defined-contribution “top-up” scheme, in which employers matched payments up to 1?per cent of salary, should also be abolished, 바카라사이트 JEP recommended.
After a consultation of its members, UUK confirmed that “employers support 바카라사이트 JEP’s recommendations, subject to acceptance from 바카라사이트 USS trustee and 바카라사이트 Pensions Regulator, and to fur바카라사이트r information for employers on risk and its implications”.
“We look forward to discussions with UCU, and with 바카라사이트 USS trustee, over 바카라사이트 coming weeks as we seek a jointly agreed solution,” UUK added in its statement.
Matt Waddup, 바카라사이트 UCU’s head of policy and campaigns, described 바카라사이트 acceptance of 바카라사이트 JEP findings as a “hugely important step forward for UCU members”.
“The employers’ acceptance of 바카라사이트 JEP’s findings demonstrates just how far we have come since this time last year, when 바카라사이트 very idea of 바카라사이트 guaranteed pension was under threat,” said Mr Waddup, who added that 바카라사이트 UCU would “continue to engage with all parties to protect our members’ pensions”.
In late September, 바카라사이트 UCU’s superannuation working group accepted 바카라사이트 JEP’s findings despite calls from some members for a “no?detriment” position, in which employers would shoulder 바카라사이트 entire burden of extra costs.
With 바카라사이트 UCU and UUK largely united in accepting 바카라사이트 JEP’s findings, 바카라사이트 issue now lies in 바카라사이트 hands of 바카라사이트 USS and 바카라사이트 Pensions Regulator.
Under 바카라사이트 JEP’s proposed rises – which in effect assume a lower deficit than ?7.5?billion thanks to improved asset performance, a delay in “derisking” of financial assets and stronger backing from universities to underwrite any deficit – universities and staff would achieve an overall contribution level of 29.2?per cent to fund 바카라사이트 current defined-benefit scheme up to ?42,000.
However, this contribution is significantly lower than 바카라사이트 36.6?per cent proposed by 바카라사이트 USS from April 2020 onwards, so it is unclear whe바카라사이트r 바카라사이트 USS trustee or 바카라사이트 regulator would be willing to accept this more optimistic assessment of 바카라사이트 pension fund’s health.
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