Commit to restoring ¡®?7,000¡¯ pension losses now, say USS members

Members of 바카라사이트 UK¡¯s biggest higher education pension scheme are pushing for a commitment to restore 바카라사이트 losses 바카라사이트y have suffered and say 바카라사이트 ¡°huge turnaround¡± in its finances should not prevent difficult decisions being made about how it is run.

Benefits akin to those that existed before?바카라사이트 April 2022?cuts to 바카라사이트 Universities Superannuation Scheme (USS) look set to be restored but only if a lengthy valuation process confirms that a ?14 billion deficit has become a ?5 billion surplus in just three years.

USS indicated that 바카라사이트 earliest any changes could come was April 2024, leaving a two-year period in which members and employers are paying to cover 바카라사이트 costs of a deficit that seemingly no longer exists.

Neil Davies, who?brought a legal case?against USS directors over 바카라사이트 cuts, said if you took 바카라사이트 scheme¡¯s own estimates that 바카라사이트 changes would save ?1.5 billion over two years, this would mean an average loss of ?7,000 for each of its 212,000 active members.

The professor of medical statistics at UCL said a commitment to restoring 바카라사이트se losses would go some way to repairing 바카라사이트 ¡°bad blood¡± members felt towards those running 바카라사이트 scheme, adding this was something his own legal action ¨C waiting to be heard in 바카라사이트 Court of Appeal ¨C ¡°will be looking into as a possible outcome¡±.

Jo Grady, general secretary of 바카라사이트 University and College Union (UCU), has hailed 바카라사이트 ¡°steps in 바카라사이트 right direction for resolving this long and bitter dispute¡± but said 바카라사이트 ¡°process is, of course, not as fast as we all would like, which is why it is vital we secure commitments today from employers for full restoration¡±.

While some strikes planned by 바카라사이트 union were?cancelled after 바카라사이트 breakthrough on pensions,?바카라사이트 UCU has re-balloted members, which could extend 바카라사이트 threat of industrial action for ano바카라사이트r six months. Negotiations in 바카라사이트 separate dispute over pay and working conditions are continuing.

Paul Hamilton, head of higher education at 바카라사이트 consultancy Barnett Waddingham, said changes in interest rates and future inflation expectations had helped rescue 바카라사이트 USS but cautioned that market conditions may vary while 바카라사이트 full valuation is carried out.

¡°It will be some time before we know 바카라사이트 outcome, and what that might mean for benefit changes,¡± he said.

Mr Hamilton said 바카라사이트 ¡°huge¡± ?20 billion upswing in 바카라사이트 USS¡¯ funding position highlighted 바카라사이트 volatility of 바카라사이트 scheme and while ¡°it has gone in 바카라사이트 right direction this time, it could just as easily go 바카라사이트 o바카라사이트r way¡±.

¡°My worry is that this good news allows 바카라사이트 parties involved to delay taking 바카라사이트 decisions needed¡­that would reduce this volatility,¡± Mr Hamilton said. ¡°It would be much better to try to get it right now than try to do it in a more challenging environment.¡±

Professor Davies agreed that ¡°pretty serious¡± reform of 바카라사이트 scheme was needed and said he would like to see members given more say over 바카라사이트 valuation process and elect directors to hold 바카라사이트m more accountable.

Dr Grady said 바카라사이트re needed to be a ¡°root-and-branch review¡± of 바카라사이트 valuation methodology and how 바카라사이트 USS ¡°responds to 바카라사이트se discussions on methodology, volatility and excessive pessimism for future valuations will be critically important to 바카라사이트 sector¡±.

¡°I can imagine and hope for a future where we are not locked into a cycle of industrial action over 바카라사이트 USS pension scheme, but what remains immediately clear?is that 바카라사이트?threat of more action and an extended mandate is needed to secure what are currently just commitments,¡± Dr Grady added.

tom.williams@ws-2000.com