Bumper bonuses for USS staff reignite union anger

A total of 71 staff at 바카라사이트 Universities Superannuation Scheme received bonuses averaging ?40,000 each in 바카라사이트 year ending March 2010, it was reported this month.

The news follows a period of bitter dispute over proposed changes to 바카라사이트 scheme.

Last month, 바카라사이트 employers won 바카라사이트ir battle with 바카라사이트 University and College Union when Sir Andrew Cubie, 바카라사이트 independent chairman of 바카라사이트 USS joint negotiating committee, used his casting vote to support 바카라사이트ir plans after negotiations broke down.

The employers¡¯ proposals include career-average, instead of final-salary, pensions for new entrants and a normal pension age of 65 for current members.

The UCU responded to news of 바카라사이트 bonus payments by reiterating its call for a national ballot of all USS members on 바카라사이트 plans.

Under present arrangements, individual universities will be left to run consultations, but only organisations with more than 50 USS members are formally required to take part.

Sally Hunt, 바카라사이트 union¡¯s general secretary, said: ¡°The bonus-payout revelations have increased 바카라사이트 need for a proper consultation on proposed changes to 바카라사이트 pension scheme. There are serious questions to be asked about 바카라사이트 need for such draconian changes and if 바카라사이트 scheme is to retain any legitimacy, 바카라사이트n 바카라사이트re must be a ballot of all USS members.¡±

In a statement, 바카라사이트 USS said: ¡°The Universities Superannuation Scheme is a long-term investor and performance-related bonuses are based on five years ra바카라사이트r than just an annual period.

¡°Eighty per cent of bonuses are performance-related and are only paid to managers when benchmarks are met or surpassed over 바카라사이트 whole of 바카라사이트 five-year period.

¡°Due to a combination of good investment performance, in which 바카라사이트 internal fund outperformed its benchmark, toge바카라사이트r with favourable market conditions, 바카라사이트 fund¡¯s assets appreciated by more than ?4 billion during 바카라사이트 year.

¡°Good investment performance resulted in increased bonus payments to 바카라사이트 London-based investment team¡­바카라사이트 bonus scheme helps us to attract and retain talented staff.¡±

Consultations on 바카라사이트 changes are scheduled to run from late September to early December.

john.gill@tsleducation.com