Cambridge¡¯s Trinity confirms departure from USS pension scheme

Trinity College, Cambridge ¨C one of 바카라사이트 UK¡¯s richest educational institutions ¨C has confirmed that it is withdrawing from 바카라사이트 Universities Superannuation Scheme.

The college, which has assets worth ?1.3 billion, according to its latest accounts, that it was leaving 바카라사이트 higher education sector¡¯s biggest pension fund because of 바카라사이트 ¡°remote but existential risk to 바카라사이트 college from continued participation in USS¡±.

The USS is a ¡°last employer standing scheme¡±, with sponsoring employers jointly liable. ¡°Although 바카라사이트 college is a tiny employer, in a worst-case scenario, all of its assets could be transferred to USS,¡± a Trinity statement said.

Academics employed by Trinity will become members of new ¡°pensions arrangements¡± administered by 바카라사이트 college, providing 바카라사이트 same benefits as 바카라사이트 USS, 바카라사이트 college said.

Trinity said that fewer than 20 full-time permanent members of academic staff solely employed by 바카라사이트 college were in 바카라사이트 scheme, which has about 200,000 active members. The majority of 바카라사이트 college¡¯s teaching staff ¨C around 60 individuals ¨C will remain members of 바카라사이트 scheme, since 바카라사이트y are primarily employed by 바카라사이트 University of Cambridge.

Trinity will make a payment to USS to meet its obligations under 바카라사이트 scheme, estimated to be ¡°in 바카라사이트 region of 2 per cent of 바카라사이트 college¡¯s total assets¡±, 바카라사이트 statement said.

Rory Landman, Trinity¡¯s senior bursar, said that this was ¡°not a decision taken lightly by 바카라사이트 college council¡±.

¡°Following substantial legal and actuarial advice, and bearing in mind our responsibilities as charity trustees of Trinity, we believe leaving USS is in 바카라사이트 best interests of 바카라사이트 college,¡± he said.

chris.havergal@ws-2000.com