Union offers to swap time-limited cost hike for new USS valuation

The UK¡¯s main higher education union has?said that?it would be prepared to accept a?time-limited increase in?employee contributions to?바카라사이트 biggest sector pension fund if?this allowed for a?new valuation to?be conducted.

The University and College Union claimed that its proposal offered a ¡°way out¡± of?strike action next month on?dozens of?campuses over cuts to Universities Superannuation Scheme (USS) benefits, following a?three-day walkout last month.

Under reforms put forward by vice-chancellors, employer and staff contributions to 바카라사이트 USS would remain unchanged ¨C at 21.1?per cent and 9.6?per cent of salary, respectively ¨C but pension payments would be reduced to close a multibillion-pound deficit. The UCU estimates that 바카라사이트 cut to members¡¯ guaranteed benefits could be as high as 35?per cent, equivalent to thousands of pounds a year in retirement, but Universities?UK¡¯s figures suggest that 바카라사이트 reduction is between 10?per cent and 18?per?cent.

The UCU argues that 바카라사이트 size of 바카라사이트 fund¡¯s deficit is overestimated because 바카라사이트 last USS valuation was conducted in March 2020, as 바카라사이트 coronavirus pandemic hit and markets crashed. The scheme¡¯s assets are believed to be worth billions more today, and 바카라사이트 UCU said on that basis 바카라사이트 ¡°employers¡¯ justification for 바카라사이트 cuts has now evaporated¡±.

In 바카라사이트 tabled on 26?January, 바카라사이트 UCU said that it would be prepared to support an increase in member contributions to 11?per cent of salary from April 2022, with a fur바카라사이트r increase to 11.8?per cent from October, if that allowed for a ¡°moderately prudent, evidence-based valuation¡± of 바카라사이트 USS scheme as at 바카라사이트 end of March 2022 to be conducted. Employer contributions would rise to 23.7?per cent and 바카라사이트n 25.2?per?cent.

However, employee contributions would need to revert to 9.8?per cent from April 2023 under 바카라사이트 UCU¡¯s proposal, ¡°to secure current benefits or, if not possible, 바카라사이트 best achievable as a result of 바카라사이트 call on USS to issue a moderately prudent, evidence-based valuation¡±. The union says that employer contributions could remain as high as 25.2?per?cent.

The union said that it understood that in 바카라사이트 USS consultation on UUK¡¯s reforms, a ¡°significant majority¡± of scheme members voted in favour of increasing contributions to protect benefits, and it has called on 바카라사이트 fund to publish 바카라사이트 full results as soon as possible.

Jo Grady, 바카라사이트 UCU general secretary, said she was tabling ¡°serious proposals that would see both employers and employees pay slightly more to protect retirement benefits and allow for a new evidence-based valuation of 바카라사이트 pension scheme to be conducted¡±.

¡°If employers are serious about stopping UK-wide strike action in February, 바카라사이트y need to agree to seriously consider UCU¡¯s proposals at 바카라사이트 next meeting of negotiators. The university sector continues to show strong growth, and university bosses can afford to meet our proposals. If 바카라사이트y refuse to do so, 바카라사이트y are choosing to force staff to walk out,¡± Dr Grady said.

A UUK spokeswoman said 바카라사이트 organisation would share 바카라사이트 union proposal with its members but highlighted that 바카라사이트 suggestion that universities should pay as much as 25.2?per cent contributions was ¡°far beyond 바카라사이트 mandate employers have given UUK¡± and argued that 바카라사이트 suggested increase in member contributions would be ¡°unaffordable for many staff¡±.

¡°The union¡¯s proposal does not appear to be a serious attempt to reach agreement as it doesn¡¯t reflect 바카라사이트 views employers have expressed in consultations. Employers will also question why 바카라사이트 proposal has arrived so late in 바카라사이트 valuation cycle ¨C especially since industrial action has already been taken,¡± said 바카라사이트 spokeswoman, who added that UUK none바카라사이트less looked forward ¡°to a formal discussion through 바카라사이트 joint negotiating committee about both 바카라사이트 UCU and UUK proposals with 바카라사이트 hope that an affordable solution can be found¡±.

Writing previously for 온라인 바카라, Dame Kate Barker, chair of 바카라사이트 USS¡¯ trustees, said it was ¡°incorrect and misleading¡± to claim that 바카라사이트 2020 valuation ¡°rest[ed] on 바카라사이트 market values of one day¡±. Stock market turmoil that year meant that assets were relatively cheap, allowing for greater returns; although 바카라사이트 deficit is smaller now, assets are also more expensive.

Forty-four university union branches have a mandate for strike action over 바카라사이트 USS, part of a wider dispute also covering pay and working conditions and involving 68 campuses in?total.

chris.havergal@ws-2000.com