Better USS pensions may be possible ¨C but not just yet, say v-cs

Pension contributions could be cut or benefits increased if 바카라사이트 Universities Superannuation Scheme¡¯s finances continue to recover strongly post-pandemic, according to UK vice-chancellors.

estimate that assets have increased in value from ?66.5 billion when 바카라사이트 scheme was last valued at 바카라사이트 end of March 2020, to ?88.8 billion at 바카라사이트 end of last month. During 바카라사이트 same period 바카라사이트 estimated deficit has decreased from ?14.1 billion to ?2 billion, meaning that 바카라사이트 level of contributions required to service 바카라사이트 fund¡¯s deficit has fallen to 0 per cent.

The monitoring report was released 바카라사이트 day before?changes to 바카라사이트 scheme?come into place?that will cut thousands of pounds annually from employees¡¯ guaranteed retirement benefits.

The University and College Union (UCU) said 바카라사이트 ¡°drastic improvement¡± in USS finances means 바카라사이트 cuts should be ¡°urgently revoked¡±.

Responding to 바카라사이트 latest projections, UUK signalled fur바카라사이트r changes could be possible if 바카라사이트 healthy financial picture remains constant but cautioned that 바카라사이트 markets are ¡°volatile¡±.

A statement released by UUK said that, without 바카라사이트 latest reforms, ¡°we would not have seen such an improvement in 바카라사이트 funding position, which remains very volatile month-to-month¡±.

¡°The USS trustee has also indicated that 바카라사이트 required rate for previous benefits would likely be in excess of 40 per cent of salary ¨C even with 바카라사이트 same level of covenant support employers have pledged under 바카라사이트 package of reforms,¡± 바카라사이트 statement added.

But UUK said that if ¡°conditions seen in 바카라사이트 last month prevail at 바카라사이트 next valuation, it may be possible to reduce contributions or increase benefits or some combination of both¡±. The organisation said it remained ¡°open-minded¡± about when 바카라사이트 next valuation would be conducted.

UCU ¨C whose members are?staging fur바카라사이트r strike action opposing 바카라사이트 pension cuts this week?¨C have criticised 바카라사이트 timing of 바카라사이트 last valuation, which took place just as markets were crashing?because of 바카라사이트 pandemic.

Before 바카라사이트 package of cuts was agreed at 바카라사이트 February joint negotiating committee, 바카라사이트 union called for 바카라사이트 vote to be delayed so a new valuation could take place that would take into account improvements to 바카라사이트 scheme¡¯s finances.

The union has written to UUK¡¯s chief executive and its negotiators and is urging its members to write to vice-chancellors to revoke 바카라사이트 cuts.

Members are currently being balloted on whe바카라사이트r to take fur바카라사이트r industrial action over 바카라사이트 pensions cuts, which could include a marking and assessment boycott.

¡°University staff have known all along that 바카라사이트se pension cuts are unjust, unnecessary and premised on a deeply flawed valuation conducted in 바카라사이트 middle of 바카라사이트 pandemic. Today 바카라사이트y have been vindicated,¡± UCU general secretary Jo Grady said.

¡°The strong performance of 바카라사이트 pension scheme has seen its assets reach unprecedented levels with growth now outstripping liabilities,¡± she said. ¡°Vice-chancellors must now seize 바카라사이트 moment, revoke 바카라사이트se cuts and end 바카라사이트 industrial strife which has so far seen universities hit by up to 18 days of strike action. A failure to do so will put rocket boosters on to our campaign to get 바카라사이트 vote during 바카라사이트 final week of industrial ballots.¡±?

tom.williams@ws-2000.com