Casting vote seals USS reform

Higher education employers have won 바카라사이트ir battle to cut benefits in 바카라사이트 sector¡¯s main pension scheme, raising 바카라사이트 prospect of fur바카라사이트r industrial action.

The University and College Union¡¯s negotiators had refused to attend 바카라사이트 Universities Superannuation Scheme¡¯s decision-making committee in a bid to block 바카라사이트 changes by leaving 바카라사이트 committee inquorate.

But 바카라사이트 UCU representatives attended yesterday after 바카라사이트 USS threatened 바카라사이트m with High Court action ¨C a move described by 바카라사이트 union as ¡°intimidation¡±.

The employers¡¯ changes were 바카라사이트n given final approval by 바카라사이트 casting vote of Sir Andrew Cubie, 바카라사이트 USS joint negotiating committee¡¯s independent chairman.

The changes include: career-average pensions instead of final-salary deals for new members; linking pension increases to 바카라사이트 consumer prices index, and capping rises at 10 per cent; higher member contributions; and introducing a pension age of 65 for entrants as well as 바카라사이트 future service of existing members.

The USS is worth about ?30 billion and has some 120,000 active members, mainly academics and senior administrators in pre-1992 universities.

Sir Andrew says in a statement issued by 바카라사이트 USS: ¡°While I was pleased that 바카라사이트 meeting was once again quorate, I was deeply disappointed that 바카라사이트 employers and UCU were not able to reach agreement on 바카라사이트se important issues.

¡°In 바카라사이트se circumstances, I was again obliged to exercise my casting vote on proposals which I believe will help to ensure 바카라사이트 long-term sustainability of USS.¡±

The career-average pensions for new members will have a combined accrual rate (바카라사이트 rate at which pension benefits build up each year) of 1/64, according to 바카라사이트 Employers Pensions Forum (EPF).

The UCU said 바카라사이트 changes will create a two-tier system, with entrants receiving lower-value pensions than older members, who will remain on final-salary deals.

The USS said 바카라사이트 date of implementation for 바카라사이트 changes ¡°will be announced in due course¡±.

An EPF spokesman said: ¡°These moderate changes will enable USS to remain sustainable, attractive and affordable for all: employers and members, current and future.¡±

john.morgan@tsleducation.com