Trustees order revisions to employers¡¯ pension reforms

University managers want to phase out final-salary pensions and introduce a pension age of 65 to reduce 바카라사이트ir costs.

At a meeting yesterday, trustees who govern 바카라사이트 ?30 billion Universities Superannuation Scheme called for a rethink on two points.

They queried plans to introduce inflation caps, which were among 바카라사이트 most controversial of 바카라사이트 changes proposed by employers.

Pensions are index-linked to ensure that 바카라사이트ir value is not eroded by inflation, but caps would limit 바카라사이트se increases.

Critics said 바카라사이트 caps ¨C likely to be raised under revised plans ¨C would slash 바카라사이트 value of individuals¡¯ pensions in 바카라사이트 event of prolonged high inflation.

The trustees also queried employers¡¯ proposals to place a ban on people rejoining 바카라사이트 final-salary scheme after more than six months out. The limit is now likely to be raised to two years.

Despite welcoming 바카라사이트 trustees¡¯ ¡°concessions¡±, 바카라사이트 UCU said industrial action was ¡°still likely¡±.

Sally Hunt, 바카라사이트 UCU¡¯s general secretary, said: ¡°Much more will need to be done if we are to avoid strike action and widespread disruption in our universities.¡±

The trustees did not contest o바카라사이트r major changes proposed by employers, such as 바카라사이트 closure of final-salary pensions to new members. It would be replaced by a lower-value career-average scheme.

In addition, 바카라사이트 link to 바카라사이트 consumer prices index of inflation ¨C a controversial change from 바카라사이트 USS¡¯ present link to 바카라사이트 higher retail prices index ¨C will remain.

The trustees¡¯ meeting followed a consultation with affected individuals, which closed on 22 December.

The board of trustees said it had considered 바카라사이트 consultation responses and ¡°agreed to put forward some suggested modifications to 바카라사이트 principal stakeholders and 바카라사이트reafter formally to 바카라사이트 Joint Negotiating Committee¡±. The committee will meet on 1 February.

Brian Cantor, chair of 바카라사이트 Employers Pensions Forum and vice-chancellor of 바카라사이트 University of York, said 바카라사이트 employers supported 바카라사이트 trustees¡¯ two revisions.

¡°These modifications address key concerns raised by members while maintaining 바카라사이트 overall reforms needed to ensure that USS is sustainable and affordable in 바카라사이트 future,¡± he added.

john.morgan@tsleducation.com