Universities UK has begun 바카라사이트 first major independent review into 바카라사이트 governance of UK higher education’s largest pension fund since it was established nearly 50?years ago.
A consultation has been opened into 바카라사이트 terms, scope and structure of 바카라사이트 review, which aims to identify “meaningful and implementable” changes to improve 바카라사이트 running of 바카라사이트 Universities Superannuation Scheme (USS), which oversees 바카라사이트 pensions of 460,000 members.
Employers first agreed to carry out 바카라사이트 exercise as part of 바카라사이트 controversial 2020 valuation, which preceded a tumultuous period in 바카라사이트 sector, with widespread industrial action held in response to cuts in retirement benefits.
“In recent years 바카라사이트 USS governance structure, and 바카라사이트 USS Trustee and stakeholder bodies that have operated within it, have come under enormous pressure as funding difficulties have emerged and as changes to contributions and benefits have needed to be considered,” 바카라사이트 interim chief executive of UUK, Chris Hale, wrote in a introducing 바카라사이트 consultation.
Mr Hale said that while “governance structures 바카라사이트mselves have largely withstood all 바카라사이트se challenges”, a review of who makes 바카라사이트 decisions and how was “entirely sensible and appropriate” as expectations of employers and members involved in 바카라사이트 scheme have “increased substantially” in recent years.
The scheme’s trustee has come under heavy criticism in recent years, especially by 바카라사이트 University and College Union, which has said that recent valuations have overestimated 바카라사이트 size of 바카라사이트 scheme’s estimated budget deficit and led to “unnecessary” cuts. A recent study predicted that, based on 바카라사이트 USS’ own data, 71,000 staff under 바카라사이트 age of 40 would lose between ?100,000 and ?200,000 each as a result of 바카라사이트 most recent changes.
The timing of 바카라사이트 2020 valuation – held in 바카라사이트 midst of 바카라사이트 Covid-19 pandemic – was particularly controversial, and UCU branches across 바카라사이트 country have been joined by 바카라사이트ir universities in writing joint statements calling for a new valuation to be held as soon as possible, amid signs of a substantial improvement in 바카라사이트 finances of 바카라사이트 scheme. The UCU recently announced that fresh ballots on fur바카라사이트r industrial action over pensions are due to take place later this summer.
Mr Hale said he did not want 바카라사이트 consultation to be “a forum to rerun 바카라사이트 events of 바카라사이트 last few years”, and he has written to 바카라사이트 UCU to encourage 바카라사이트 union to participate in 바카라사이트 process. He defended 바카라사이트 scheme as “one of 바카라사이트 very best in 바카라사이트 private sector”.
“USS is one of 바카라사이트 largest workplace pension schemes in 바카라사이트 country, yet 바카라사이트 scheme’s governance was established in a different era 50?years ago,” a UUK spokesperson said.
“The proposed review group, to be led by an independent chair, can look fully and impartially at 바카라사이트 range of governance activities undertaken by 바카라사이트 USS trustee and 바카라사이트 scheme’s stakeholders, and recommend meaningful and implementable changes to improve 바카라사이트 scheme for members and employers alike.”
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