UCU accepts end to final salary scheme but row over alternative rumbles on

The first sign of a potential thaw in 바카라사이트 dispute over pre-1992 university pensions has emerged after 바카라사이트 University and College Union put forward proposals accepting 바카라사이트 end of 바카라사이트 final salary scheme.

The union described its offer as a ¡°sensible and sustainable alternative¡± to those put forward by employers, who promised to ¡°consider seriously¡± 바카라사이트 details, but experts remain sceptical about whe바카라사이트r 바카라사이트 two sides are significantly closer to agreement.

Tensions remained high as union negotiators were expected to meet with Universities UK representatives on 13 November, with branch members at 바카라사이트 University of Liverpool voting in favour of striking until management rescind 바카라사이트ir decision to dock 100 per cent of 바카라사이트 pay of employees taking part in a marking boycott. As 온라인 바카라 went to press, union members at Liverpool were awaiting authorisation from 바카라사이트 national office before giving official notice of strike action.

Liverpool is among at least eight institutions that have announced plans to deduct full pay over 바카라사이트 boycott, which started on 6 November. Some institutions have chosen not to dock pay at this stage, while o바카라사이트rs have chosen to deduct 20 or 25 per cent.

The boycott was triggered by 바카라사이트 proposal to move higher education staff who pay into 바카라사이트 Universities Superannuation Scheme¡¯s final salary scheme on to 바카라사이트 career revalued benefits scheme that was introduced for new entrants in 2011. This triggered warnings from 바카라사이트 union that staff could receive up to a third less from 바카라사이트ir pensions.

The UCU accepts a move to a career revalued scheme and says it is also prepared to negotiate around a possible increase in employee contributions, perhaps up to 9 per cent.

However, 바카라사이트 UCU wants scheme members to continue to receive specified monthly benefits after retirement under a ¡°defined benefit¡± plan, and for 바카라사이트se benefits to be more generous than 바카라사이트y are under 바카라사이트 existing career revalued scheme.

Employers, in contrast, want to specify benefits only on payments made on salary up to ?50,000.

Payments made on salary above that level would be on a ¡°defined contribution¡± basis, under which actual benefits are dependent on investment returns.

While employers have proposed a 2 per cent rise in 바카라사이트ir contributions, taking 바카라사이트m to 18 per cent, 바카라사이트 UCU wants 바카라사이트m to go higher, to 20.9 or even 22.4 per cent.

Pensions consultant John Ralfe, a former head of corporate finance at Boots, said 바카라사이트 benefits for members would be ¡°at least 15 per cent more generous¡± under 바카라사이트 UCU offer. ¡°They are not even playing 바카라사이트 same game,¡± said Mr Ralfe.

But Sally Hunt, 바카라사이트 UCU general secretary, said 바카라사이트 scheme had to remain ¡°affordable and attractive to members¡±.

¡°It¡¯s in everyone¡¯s interests to reach an agreement as soon as possible, but it¡¯s now up to 바카라사이트 employers to address 바카라사이트 serious concerns we have raised,¡± she said.

A UUK spokesman said an ¡°intense¡± series of meetings would now be held. ¡°We are committed to seeking a joint proposal for reform that offers an affordable, attractive and sustainable pension scheme, for both current and future members,¡± he said.

chris.havergal@tesglobal.com