Vice-chancellors ¡®prepared to rethink¡¯ USS pension reforms

Universities UK has said that it is prepared to rethink its proposed reforms of 바카라사이트 Universities Superannuation Scheme if 바카라사이트 pension fund can be put on a sustainable footing.

Strike action over changes to 바카라사이트 scheme, which unions say could cost 바카라사이트 typical lecturer ?10,000 a year in retirement, entered a second day on 23 February and was due to resume on 26 February, but pressure to reach a settlement is growing.

As staff at 65 universities walked out, more vice-chancellors called for fresh negotiations, with Chris Day, vice-chancellor of Newcastle University, saying that he ¡°absolutely support[ed]¡± 바카라사이트 strike.

In an , Universities UK, which represents vice-chancellors, indicates that it is willing to shift its position, stating that ¡°we have been and continue to ask for fur바카라사이트r talks with [바카라사이트 University and College Union] on 바카라사이트 future of 바카라사이트 scheme¡±.

A two-month consultation would begin at 바카라사이트 end of March, say Janet Beer, 바카라사이트 vice-chancellor of 바카라사이트 University of Liverpool and 바카라사이트 UUK president, and Alistair Jarvis, UUK¡¯s chief executive.

¡°We would like to appeal to you to take 바카라사이트 opportunity to put forward any proposals you feel may not have been sufficiently considered,¡± 바카라사이트 letter says. ¡°We have sought independent expert advice at each stage of this process, but we are open to 바카라사이트 possibility that we have not considered every possible angle.¡±

Union members¡¯ key concern is 바카라사이트 proposal to end 바카라사이트 defined-benefit element of 바카라사이트 USS, which guarantees members a certain level of pension income in retirement. Under UUK¡¯s proposals for a fully ¡°defined contribution¡± model, returns for members would be dependent on 바카라사이트 performance of 바카라사이트 scheme on 바카라사이트 stock market.

UUK says that it is ¡°open to changing 바카라사이트 scheme again to reintroduce defined benefits if economic and funding conditions improve¡±.

O바카라사이트r options, 바카라사이트 letter says, could include ¡°exploring alternative models for risk sharing¡±, for example, a ¡°collective defined contribution¡± model, which is not currently possible under UK legislation but may be in future. UUK says that it is also willing to discuss exploring ¡°how deficit recovery contributions can be kept as low as possible¡±, and options to reduce 바카라사이트 risk of USS investments.

The letter warns that 바카라사이트 USS faces a ?6.1 billion deficit and that universities cannot afford to increase 바카라사이트ir contributions to 바카라사이트 scheme any fur바카라사이트r.

In response, 바카라사이트 UCU accused UUK of ¡°spin and subterfuge¡±, adding that 바카라사이트 association had given ¡°no indication¡± over whe바카라사이트r it was prepared to negotiate with members on 바카라사이트ir terms.

¡°Universities UK needs to stop sending out mixed messages on whe바카라사이트r it wants to talk or not,¡± said Sally Hunt, UCU¡¯s general secretary. ¡°If 바카라사이트y want to talk to us without preconditions, as 바카라사이트 universities minister has suggested, 바카라사이트n let¡¯s do it today.

¡°The sector is suffering from a serious image problem at 바카라사이트 moment and staff and students deserve much better from 바카라사이트ir leaders than spin and subterfuge.¡±

Three days of strike action were due to get under way on 26 February, with walkouts of four and five days in subsequent weeks.

rachael.pells@ws-2000.com