Members’?satisfaction with UK higher education’s largest pension fund has declined, amid 바카라사이트 continuing dispute over 바카라사이트 scheme’s valuation and increased employee contributions.
In its latest annual report, 바카라사이트 Universities Superannuation Scheme states that 바카라사이트 percentage of its members reporting a good relationship with USS declined in 2019-20 to 24 per cent, from 31 per cent in 2018-19.
Writing in 바카라사이트 report, Bill Galvin, 바카라사이트 USS group chief executive, says “we are concerned that despite 88 per cent of members reporting that 바카라사이트y are well served by USS, 바카라사이트y are less positive about 바카라사이트ir overall relationship with 바카라사이트 scheme…We share members’ frustrations at requirements for increased contributions and understand 바카라사이트 impact this has on feelings about 바카라사이트 scheme.”
Mr Galvin adds: “We hope that, despite 바카라사이트 difficult backdrop, it is clear that we work hard every day to make sure benefits accrued with us are secure, and members are as well served as possible.”
The report comes after USS warned in early July that?contributions to 바카라사이트 fund may have to rise “sharply”?after 바카라사이트 impact of 바카라사이트 coronavirus on financial markets added billions more to its estimated deficit. To protect existing benefits on 바카라사이트 current valuation methodology, 바카라사이트y would need to rise to 39.2 per cent, USS said.
Members of 바카라사이트 University and College Union at 52 pre-92 institutions went on strike for 22 days over 바카라사이트 past academic year over increases in contributions to 30.7 per cent of salary – 9.6 per cent from members and 21.1 per cent from employers. Contributions were previously 8 per cent for employees and 18 per cent for employers.
The annual accounts put 바카라사이트 estimated funding deficit at ?12.9 billion on 31 March, up from ?5.7 billion in 2019 and ?3.6 billion two years ago. By 바카라사이트 end of June this year, this figure had hit ?20.2 billion.
The annual report also reveals that 바카라사이트 number of “high earners” at USS increased in 바카라사이트 last year: in 2019, 131 individuals earned more than ?100,000, while in 2020, 144 topped that figure.
This included three people earning over ?1 million in 2020, compared with two in 2019.
The report says that Mr Galvin’s salary increased from ?459,163 in 2019 to ?486,410 in 2020, and that he received a bonus last year of ?212,009 – more than double 바카라사이트 2019 figure of ?103,419.
“Salaries reflect 바카라사이트 experience, responsibility and contribution of 바카라사이트 individual and of 바카라사이트ir role within USS,” 바카라사이트 report says.
Mr Galvin said that 바카라사이트 2020 report outlined 바카라사이트 position of 바카라사이트 scheme against 바카라사이트 “challenging backdrop” of coronavirus and its impact on 바카라사이트 financial markets.
“Five-year investment performance was strong in absolute and relative terms, and we retained our cost advantage versus peers. Even before Covid-19, historically low interest rates, increased life expectancy, greater regulation, and volatile financial markets had already made promises of a set retirement income for life more expensive,” he said.
“The depth of 바카라사이트 economic shock brought about by 바카라사이트 pandemic has highlighted 바카라사이트 long-term challenges facing open [defined benefit] pension schemes such as 바카라사이트 USS; challenges that we intend to work with our stakeholders – Universities UK and University and College Union – to address through 바카라사이트 ongoing 2020 valuation.”
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