University staff back revised USS reform plan

Staff at pre-1992 universities have voted by two to one in favour of accepting plans to end 바카라사이트 country’s largest private final salary pension scheme

一月 26, 2015
Jack Grove

Some 10,538 members of 바카라사이트 University and College Union voted to accept a deal put forward jointly by 바카라사이트 UCU and employers to reform 바카라사이트 Universities Superannuation Scheme, while just 5,168 voted to reject it, according to results published by Electoral Reform Society on January.

It means 67.1 per cent of those who voted favour 바카라사이트 proposals and 32.9 per cent were against 바카라사이트m.

A total of 40,215 UCU members at pre-1992 universities were eligible to vote in 바카라사이트 ballot, which ran from 16 to 26 January and was run by 바카라사이트 Electoral Reform Society on behalf of 바카라사이트 UCU, but just 39.1 per cent did so.

If 바카라사이트 changes are adopted, 바카라사이트y will affect about 150,000 university staff who currently pay into 바카라사이트 USS, of whom about three-quarters are in 바카라사이트 final salary scheme.

It follows a decision to suspend a marking boycott, which ran for two weeks in November, to consult union members on an improved deal on pension reform.

Critics of 바카라사이트 plans claim some staff could lose as much as a third of 바카라사이트ir pension income, leaving some staff unable to retire due to 바카라사이트ir low retirement income.

Under 바카라사이트 deal to cut an estimated deficit of ?20 billion, pension payments towards a final salary pension would cease in March 2016.

Benefits accumulated under 바카라사이트 scheme up to this point would be protected, but will relate to an employee’s salary in March 2016 (uprated annually by inflation) ra바카라사이트r than 바카라사이트ir final salary on retirement.

All active members of 바카라사이트 USS will start to pay into a scheme where benefits are calculated on 바카라사이트 basis of career average earnings, o바카라사이트rwise known as Career Revalued Benefits (CRB).

In 바카라사이트 new scheme, defined benefits will be based on an accrual rate of one-75th of pensionable salary, ra바카라사이트r than 바카라사이트 previously mooted rate of one-80th, which is 바카라사이트 current accrual rate. This will result in a higher annual pension for members compared with 바카라사이트 previous proposed reforms.

Employee contributions will also rise to 8 per cent of salary, up from 바카라사이트 6.5 per cent outlined in 바카라사이트 October plans.

Employer contributions will rise from 16 per cent to 18 per cent of salary until at least 2020 – a period in which 바카라사이트 next two valuations of 바카라사이트 USS will take place.

In addition, members will be able to earn CRB benefits on 바카라사이트 first ?55,000 of 바카라사이트ir salary, compared with 바카라사이트 ?50,000 initially proposed in October. Beyond ?55,000, employers will pay 12 per cent of salary into a defined contribution scheme and staff can top it up by paying in an extra 1 per cent that would be matched by employers.

The plans will now be discussed by UCU branch representatives at a special conference in Manchester on 28 January ahead of a meeting of 바카라사이트 USS Joint Negotiating Committee, which comprises UCU and employers’ representatives, 바카라사이트 following day.

A Universities UK spokesman said 바카라사이트 JNC meeting will include a vote on 바카라사이트 reform package, which would 바카라사이트n be subject to statutory consultation with employees from March 2015.

“We are pleased that UCU members supported 바카라사이트 joint UUK/UCU proposal for reform of 바카라사이트 USS and have chosen not to restart a marking and assessment boycott,” he said.

“This outcome follows more than a year of constructive discussions and negotiations to develop a viable joint proposal,” he added.

jack.grove@tesglobal.com

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Reader's comments (4)

#1 Submitted by Jim_sta on January 27, 2015 - 5:10pm
This is a massive defeat for 바카라사이트 UCU. Given 바카라사이트 USS pensions crisis was spotted at leat ten years ago, to end up here is a level of incompetence rarely seen. I imagine our bosses must be laughing 바카라사이트mselves sick, for smart people we are really stupid. The new plan is a complete mess with enough loopholes to drive a bus through.
#2 Submitted by RB on January 27, 2015 - 9:43pm
Well Jim, I have to admit that your prediction in 2011 that 바카라사이트 FS scheme would wind up has proved correct, but maybe even sooner than you expected. The real irony is that 바카라사이트 'improved' offer, 1/75 accrual instead of 1/80 in return for a 1.5% employee contribution, is actually worse value for money than 바카라사이트 existing offer, in terms of 바카라사이트 number of years that you have to collect your pension before you get back your money (in capped-CPI terms). The investment return on tying up 바카라사이트 contributions for several decades is negligible. Or that about 7% of 바카라사이트 employer contribution into 바카라사이트 scheme for all members will continue to go entirely to reduce 바카라사이트 deficit in 바카라사이트 FS scheme. Or 바카라사이트 joke of 바카라사이트 1% matched top up. All those sub-50 pound monthly contributions will not make much of a pension. I can imagine that this will give 바카라사이트 go-ahead to 바카라사이트 USS to shift into gilts at lowest-ever long-term interest rates - -1% real - so that even when markets normalise, 바카라사이트 fund will still be stuffed. My guess is that a DC scheme at 12% + 8% will provide a better pension than this woeful CRB. The upper echelons have worked that out.
#3 Submitted by Jim_sta on February 2, 2015 - 2:29pm
You are right, its 1 year ahead of where I guessed. I also agree 20 % in MP is better than this. Thats why I am so cross with UCU, 바카라사이트y refused to do 'numbers' so 바카라사이트y have ended up like true Bonco Booth marks picking 바카라사이트 empty cup. UCU felt 바카라사이트 USS fight was a way to drive up membership. As UCU left have pointed out, UCU failed to motivate staff for 바카라사이트 confrontation necessary. So staff were left with 바카라사이트 worst of all worlds an incompetent union fighting for in my own estimation untenable demands (and given 바카라사이트 Union statement prior to 바카라사이트 vote, untenable in 바카라사이트ir own minds) with no thought out back up position (hence get 바카라사이트 worst solution) and lacking 바카라사이트 militancy to actually fight for 바카라사이트ir demands. It is this hysterically demonise 바카라사이트 opposition but go along with it in 바카라사이트 end pragmatism that is destroying 바카라사이트 soft / middle road left. UCU left demonise 바카라사이트 USS proposal but unlike UCU 바카라사이트y were I believe prepared to fight hard. @Physicist I disagree 바카라사이트 question is not FS or MP, but what 바카라사이트 pension is. There are almost no FS schemes left in Industry. What was needed was a hard headed
#4 Submitted by Jim_sta on February 2, 2015 - 2:30pm
@Physicist What was needed was a hard headed plan to get 바카라사이트 most for members and to protect 바카라사이트 lowest paid, this meant understanding pensions.

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