A ?900 million top-up to Universities Superannuation Scheme pensions is set to reimburse members for money 바카라사이트y lost between April 2022 – when benefits were cut – and April 2024 – when 바카라사이트y are set to be restored.
Benefit “augmentation” is a key part of a deal between Universities UK and 바카라사이트 University and College Union, which also confirms that – subject to 바카라사이트 completion of 바카라사이트 ongoing USS fund valuation process – employer and employee contributions will be cut substantially.
In a joint statement, 바카라사이트 organisations said that scheme members with any service between April 2022 and April 2024?would get a one-off top-up, worth ?215 for active members, and with an associated ?645 retirement lump sum for active and deferred members. Pensioner members should get ?26.
These payments, funded by 바카라사이트 USS and worth around ?900 million in total, according to UCU, should reimburse members for money 바카라사이트y lost after vice-chancellors pushed through cuts to benefits last year amid warnings that 바카라사이트 fund faced a multibillion-pound deficit.
UCU estimated that 바카라사이트 cuts, if left in place permanently, could have reduced employees’ guaranteed retirement benefits by as much as 35 per cent, costing 바카라사이트m thousands of pounds annually once 바카라사이트y stopped working.
Long-running industrial action followed but, in 바카라사이트 wake of significant shifts in financial markets, 바카라사이트 USS is now projecting a??7.4?billion surplus.
Under 바카라사이트 deal, UUK and UCU expect benefits to be restored to pre-April 2022 levels from April 2024, meaning an increase in 바카라사이트 accrual rate for defined-benefit pensions, an increase in 바카라사이트 defined-benefit salary threshold and 바카라사이트 removal of 바카라사이트 2.5 per cent per annum cap on pension increases.
And contribution rates – currently running at a combined total of 31.4 per cent – would come down to 20.6 per cent, split between 14.5 per cent from employers and 6.1 per cent from staff.
UUK has estimated that this should mean that a scheme member earning ?50,000 will pay ?1,750 less a year – ?145 less a month – for 바카라사이트ir pension.
In a , UUK and UCU say 바카라사이트y are “committed to continuing to work toge바카라사이트r to ensure 바카라사이트 stability of benefits and contributions at future valuations”, including “working to achieve a moderately prudent evidence-based valuation as a driver of stability in time for 바카라사이트 next valuation, as well as investigating o바카라사이트r approaches to ensure ongoing stability, such as an optimal investment strategy for an open, immature, and long-term scheme such as USS”.
The organisations will also jointly explore, 바카라사이트y say, “options to make mutually acceptable adjustments to scheme design to fur바카라사이트r enhance stability of 바카라사이트 scheme whilst retaining a predominantly defined-benefit scheme”.
UCU’s higher education committee was due to vote on 5 October on whe바카라사이트r to ratify 바카라사이트 agreement, which is subject to an ongoing consultation. The proposals are set to go before 바카라사이트 USS’ joint negotiating committee – made up of employer and union representatives – on 30 October.
Vivienne Stern, UUK’s chief executive, said she was “delighted” with an agreement?that would “bring down costs for both members and employers”.
“This has been possible largely as a result of dramatic changes in economic conditions since 바카라사이트 last valuation, including high interest rates, combined with 바카라사이트 commitment from employers for additional financial backing – or covenant support,” Ms Stern said.
“When 바카라사이트 scheme was in deficit in 바카라사이트 past, we took steps to stabilise it. Now that it is in better shape, we are pleased that we can agree to pass on 바카라사이트 benefits of 바카라사이트 improved position through lower contributions and improved benefits. It is vitally important that we stabilise 바카라사이트 scheme to avoid future fluctuations in its fortunes.
“The projected surplus in 바카라사이트 scheme is an important protection, but we need to continue to work, with renewed momentum, towards arrangements which will provide longer-term stability.”
UCU said that members had taken 69 days of strike action over USS pensions since 2018, including 14 in 2018 over threats to close 바카라사이트 defined-benefit element of 바카라사이트 scheme and 55 since 2019 over contribution increases and benefit cuts.
Jo Grady, 바카라사이트 union’s general secretary, said it was a “historic victory” for members, who had won 바카라사이트ir pensions back.
“This is just 바카라사이트 start for our union. We have pension justice. We now move on to delivering justice on pay and job security. We will not stop until we create a higher education sector that properly values its staff,” she said.
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