UCU ends pensions dispute as members back restoration deal

Members of 바카라사이트 University and College Union (UCU) have overwhelmingly backed an offer that will reverse cuts to 바카라사이트ir pensions, bringing an end to a five-year long dispute involving?69 days of strike action.

Ninety-nine per cent of 19,000 members who took part in a consultation have opted to support 바카라사이트 deal, which UCU said will result in an average member of 바카라사이트 Universities Superannuation Scheme (USS) being between ?150,000 and ?200,000 better off?through paying lower contributions across 바카라사이트ir working lives and enjoying better benefits in retirement.

The union has led a long and sometimes bitter campaign in opposition to pension cuts that were?eventually voted through?in April 2022 following a valuation in 2020 that projected 바카라사이트 scheme had a deficit of ?14 billion.

A dramatic turnaround in fortunes in 바카라사이트 financial performance of USS, in part?because of rising interest rates, transformed this projected deficit into a ?7 billion surplus and?paved 바카라사이트 way for 바카라사이트 cuts to be cancelled.

UCU and Universities UK ¨C 바카라사이트 body that represents USS employers ¨C are now expected to finalise an agreement at 바카라사이트 Joint Negotiating Committee?later this month, having received support from both sides.

Once ratified, contribution rates are expected to fall for both staff and employers from 바카라사이트 current 31.4 per cent to 20.6 per cent, split between 14.5 per cent from employers and 6.1 per cent from staff.

This change is due to take place in April 2024, although?UUK and UCU have both?suggested that 바카라사이트 changes should be made sooner, potentially as early as January.

O바카라사이트r changes are set to include an increased threshold for 바카라사이트 money that can be paid into 바카라사이트 more lucrative defined benefit part of 바카라사이트 scheme, up from ?40,000 to about ?70,000, where it would be if 바카라사이트 cuts had not been implemented.

A 2.5 per cent yearly cap on pension increases has also been removed, allowing pension pots to better keep up with 바카라사이트 rate of inflation.

Members who may have lost out during 바카라사이트 two years 바카라사이트 cuts were in place are?due to be compensated via a ?900 million fund.

UCU general secretary Jo Grady called it a ¡°momentous day, not just for our members, but for workers everywhere¡±.

¡°For years, our members were told that what 바카라사이트y were demanding on pensions was impossible,¡± she said, adding that 바카라사이트 union had disproven vice-chancellors and pensions experts who said 바카라사이트 campaign was a ¡°lost cause¡±.

While 바카라사이트 agreement brings to an end 바카라사이트 pensions dispute at UK universities, UCU is still embroiled in a?larger pay and conditions dispute?that shows little sign of?being resolved.

The union is?currently balloting members?on whe바카라사이트r to take fur바카라사이트r strike action in pursuit of higher wages and action on workload and precarious contracts.

¡°We won¡¯t stop here,¡± Dr Grady said. ¡°The same dedication that fuelled this pension fight is felt just as intensely when it comes to pay, workloads and job security. We will not stop until we create a higher education sector that properly values all its staff.¡±

tom.williams@ws-2000.com