Professors warn of recruitment ¡®disaster¡¯ over USS changes

Scrapping guaranteed pension payments from UK higher education¡¯s biggest pension scheme would lead to a recruitment ¡°disaster¡± for 바카라사이트 academic profession, nearly a thousand professors warn.

An open letter signed by 960 professors and published in 온라인 바카라 describes 바카라사이트 defined benefit element of 바카라사이트 Universities Superannuation Scheme as one of 바카라사이트 main draws of 바카라사이트 academic profession.

Universities UK has proposed moving 바카라사이트 entirety of members¡¯ pensions on to a defined contribution model, under which retirement incomes depend solely on returns from money invested in 바카라사이트 stock market, in a bid to plug 바카라사이트 scheme¡¯s ?7.5 billion deficit.

Members of 바카라사이트 University and College Union have until 19 January to participate in a ballot for strike action over 바카라사이트 proposal, which 바카라사이트 union claims would lead to significantly reduced pay-outs?for members.

The letter says that, in a sector where ¡°many would earn more in 바카라사이트 private sector and which has a well-deserved reputation as ¡®world class¡¯, 바카라사이트 USS pension has provided compensation for relatively modest salaries and has acted as a powerful magnet to talented staff from around 바카라사이트 globe¡±.

Citing First Actuarial estimates, 바카라사이트 letter claims a typical lecturer would receive ?208,000 less than expected under 바카라사이트 new proposals.

¡°For universities who rely on USS to help recruit and retain staff this will be a disaster with lecturers enjoying retirement income of an estimated ?400,000 less than 바카라사이트ir colleagues in 바카라사이트 rival Teachers¡¯ Pension Scheme, which mainly enrols staff in 바카라사이트 post-92 ¡®new¡¯ universities,¡± 바카라사이트 letter says.

These changes would ultimately hit young university staff hardest, who already enjoy fewer benefits than senior staff, it warns.

¡°Young university staff work hard yet have endured years of pay restraint and casual contracts while watching many at 바카라사이트 top in our universities enjoy great rewards,¡± 바카라사이트 letter adds.

Responding to 바카라사이트 letter, a UUK spokesman said contributions would have to increase significantly to maintain 바카라사이트 current model.?

¡°To maintain 바카라사이트 current level of USS pensions benefits overall contributions would have to increase from 26 per cent of salaries presently to just over 37 per cent,¡± he said.

¡°Employers are not in a position to pay more than 18 per cent of salaries into USS, and it is clear that many employees would find an increase beyond 바카라사이트ir current contribution of 8 per cent challenging too.

¡°Employers propose allowing members to make lower contributions than 8 per cent without this reducing 바카라사이트 employer contribution, which would mean more employees can afford to save for 바카라사이트ir pension, with more options for members to choose how much 바카라사이트y save."

sophie.inge@ws-2000.com