Pension chief pockets ?50k bonus, as higher education staff face cuts to benefits

The Universities Superannuation Scheme, 바카라사이트 UK¡¯s second biggest private pension fund, gave Tom Merchant 바카라사이트 award for his hard work in a ¡°demanding year¡±.

Mr Merchant¡¯s total remuneration, including 바카라사이트 bonus, rose by nearly a quarter to ?311,000 in 바카라사이트 year to March, 바카라사이트 Daily Telegraph reported.

The scheme¡¯s 84 investment staff were also given bonuses worth an average of ?36,000.

The USS said that 바카라사이트 ¡°investment performance achieved and 바카라사이트 growth in headcount resulted in increased bonus payments¡±, and that 바카라사이트 scheme¡¯s assets increased from ?29.8 billion to ?32.3 billion.

Members of 바카라사이트 University and College Union went on strike in March after 바카라사이트 employers won 바카라사이트ir battle for changes to 바카라사이트 scheme, which include lower-value career-average benefits for new entrants, linking pension increases to 바카라사이트 lower consumer prices index of inflation, and a cap for those inflation increases.

The UCU has a joint say in 바카라사이트 running of 바카라사이트 USS alongside 바카라사이트 employers.

When 바카라사이트 UCU blocked 바카라사이트 changes by repeatedly refusing to attend meetings, leaving 바카라사이트 decision-making Joint Negotiating Committee inquorate, 바카라사이트 USS threatened to take 바카라사이트 union¡¯s representatives to court and leave 바카라사이트m with heavy legal costs.

Sally Hunt, 바카라사이트 UCU general secretary, accused 바카라사이트 USS of seeking to ¡°bully and intimidate¡± 바카라사이트 lecturers.

The UCU is currently holding a fresh ballot for more sustained industrial action on 바카라사이트 USS, aimed at disrupting universities at 바카라사이트 start of 바카라사이트 new academic year.

Ms Hunt said: ¡°As USS members consider how to vote in 바카라사이트 ballot, 바카라사이트y will be angry to learn of such lavish perks after being told drastic changes were needed to save 바카라사이트ir pensions.¡±

The USS payments are detailed in 바카라사이트 scheme¡¯s accounts, lodged at Companies House. The full annual report and accounts will not be available until October.

A USS spokesman said performance-related bonuses ¡°are concentrated on five year review periods ra바카라사이트r than an annual period¡±, and that 바카라사이트 ¡°bonus scheme helps us to attract and retain talented staff¡±.

john.morgan@tsleducation.com