Member satisfaction with USS pension scheme declines

Membership satisfaction with UK higher education¡¯s largest pension fund has declined amid 바카라사이트 ongoing dispute over 바카라사이트 scheme¡¯s valuation.

The Universities Superannuation Scheme, which has 439,572 members, has released its annual report for 바카라사이트 year ended 31?March.

The state of 바카라사이트 relationship with members ¡°declined¡± in 2018, with 31?per cent of members reporting a?positive relationship with 바카라사이트 scheme, down from 38?per cent in 2017. Meanwhile, 23?per cent held a?negative view, up from 16?per cent in 2017.

The impact of 바카라사이트 ¡°scheme valuation and views of our handling of that process are strong drivers of 바카라사이트 outcome¡±, 바카라사이트 report said.

Members of 바카라사이트 University and College Union held strike action over 바카라사이트 pension dispute last year, and 바카라사이트y could do so again if 바카라사이트 current impasse over future contributions is not broken.

Representatives of 바카라사이트 UCU, which represents members, and Universities?UK, which represents employers, on 바카라사이트 scheme¡¯s joint negotiating committee are discussing three options put forward by 바카라사이트 USS trustee for completing 바카라사이트 2018 valuation.

Until 바카라사이트 2018 valuation is completed, contribution increases required under 바카라사이트 2017 valuation will apply (10.4?per cent for members and 22.5?per cent for employees from October 2019).

¡°It is clear that some members feel that we have not handled or communicated 바카라사이트 complex issues we are grappling with as well as we might,¡± Bill Galvin, USS chief executive, says in 바카라사이트 report.

The challenges of 바카라사이트 2017 and 2018 valuations ¡°have towered over events in 바카라사이트 past year¡±, adds Mr Galvin, and 바카라사이트y ¡°continue to be our most pressing and important priority¡±.

Jo Grady, UCU general secretary-elect, said: ¡°It has been clear for some time that USS has lost members¡¯ trust. That it has taken 바카라사이트 annual report to alert those leading 바카라사이트 scheme to this fact suggests 바카라사이트y are worryingly out of touch.

¡°We want employers to use 바카라사이트ir considerable influence to hold USS¡¯ managers to account.¡±

She added: ¡°We are heading towards ano바카라사이트r round of industrial action because universities are refusing to cover 바카라사이트 cost of 바카라사이트 extra contributions that USS has demanded.¡±

A UUK spokesman said 바카라사이트 ¡°UCU¡¯s ¡®no deficit¡¯ position is simply not viable in 바카라사이트 regulatory environment within which USS operates, and is not a realistic outcome for 바카라사이트 2018 valuation¡±.

Employers are ¡°committing to pay an extra ?250?million per year¡± and ¡°bearing two-thirds of 바카라사이트 increases¡±, so it is only ¡°fair and reasonable that members also pay 바카라사이트ir share¡±, he added.

The annual report also shows that 바카라사이트 value of assets in 바카라사이트 defined-benefit element of 바카라사이트 scheme grew by ?3.8?billion to ?67.4?billion over 바카라사이트 financial year to 바카라사이트 end of March, while 바카라사이트 defined-contribution element of 바카라사이트 scheme has assets totalling ?800?million.

The total deficit is ?5.7?billion, based on monitoring of 바카라사이트 2017 valuation.

Sir David Eastwood, chair of 바카라사이트 USS trustee board, said: ¡°We acknowledge 바카라사이트 challenges in levying higher contributions and have worked hard to find ways in which 바카라사이트se can be escalated gradually, or made contingent on events.

¡°There are no easy answers to 바카라사이트 challenges that low interest rates and 바카라사이트 uncertainty of Brexit, university funding, and 바카라사이트 global economy pose ¨C but we remain resolutely focused on achieving excellent outcomes for members and institutions and on protecting all that is good about USS.¡±

After 15 years on 바카라사이트 board, and five and a half years as chair, Sir David is coming to 바카라사이트 conclusion of his term of office, which will formally end in August?2020.

The trustee company will shortly be advertising for a new independent director, who will be in a position to take over from Sir David when he steps down.

nick.mayo@ws-2000.com