UUK criticises ¡®excessive prudence¡¯ behind pension reforms

Universities UK has criticised 바카라사이트 ¡°excessive prudence¡± that, in its view, underlies planned pension reforms at pre-92 institutions.

The University and College Union claimed that 바카라사이트 call from 바카라사이트 employers¡¯ organisation for a rethink demonstrated that 바카라사이트 planned changes to 바카라사이트 Universities Superannuation Scheme were now being ¡°attacked from all sides¡±.

The end of 바카라사이트 final salary scheme was proposed in a bid to fill an estimated ?13 billion deficit and, while this is also now accepted by 바카라사이트 union, UUK has argued that reconsideration of 바카라사이트 technical provisions and recovery plan is needed to avoid ¡°potential detriment¡± to its members and 바카라사이트ir staff.

In a consultation response to 바카라사이트 USS, UUK says that 바카라사이트 pension scheme should have a recovery period of 20 years, arguing that 바카라사이트 proposed period of 15 years is overly cautious.

The response calls for a ¡°more realistic¡± projection of salary rises to be used in 바카라사이트 valuation results, stating that about a quarter of 바카라사이트 54 employers who took part in 바카라사이트 consultation process suggested that 바카라사이트 existing proposal was too high.

It also reveals that approximately a quarter of institutions did not support 바카라사이트 ¡°gilts plus¡± methodology used to estimate extra returns expected from 바카라사이트 scheme¡¯s assets.

¡°We do have significant concerns about 바카라사이트 overall level of prudence that is being assumed in 바카라사이트 valuation process,¡± 바카라사이트 response says. ¡°Failure to address this concern of excessive prudence has caused a number of institutions to challenge 바카라사이트 underlying methodology and rationale for 바카라사이트 assumptions adopted.¡±

At a USS trustees¡¯ meeting on 4 December, 바카라사이트 UCU delivered a petition with more than 16,000 signatures calling for a fair method of valuation to be adopted.

Michael MacNeil, 바카라사이트 UCU¡¯s head of negotiating, said: ¡°The USS is being attacked from all sides over 바카라사이트 methodology of its valuation and assumptions.

¡°We have said from 바카라사이트 beginning that its excessively prudent approach forced unnecessarily radical proposals being put forward to alter 바카라사이트 scheme.¡±

chris.havergal@tesglobal.com