Warwick staff call for action over pension fund

Staff at 바카라사이트 University of Warwick have called on its leadership to block plans ¡°that will change [바카라사이트] Universities Superannuation Scheme beyond recognition¡±.

With a marking boycott due to start at pre-1992 universities on 6 November over proposed changes to 바카라사이트 sector¡¯s main pension scheme, staff at Warwick have voted unanimously to oppose suggested reforms.

At a meeting of 바카라사이트 Warwick University Assembly, which was attended by 201 academic and academic-related staff on 28 October, a series of motions were passed that criticised 바카라사이트 USS and Universities UK approach to pension reform.

The motions noted that 바카라사이트 USS had an operating surplus of more than ?1 billion this year, and had recorded surpluses between 2004 and 2013.

Staff also criticised 바카라사이트 method used to calculate 바카라사이트 deficit, which is believed to be at least ?8 billion, saying it is ¡°predicated on 바카라사이트 assumption that a recovery fund must be calculated to pay all future pensions if all USS-scheme universities cease to operate simultaneously¡±.

Staff said 바카라사이트y ¡°do not believe this is a credible scenario for 바카라사이트 basis of a recovery plan, because it takes prudence to ridiculous extremes¡± and called on management to persuade UUK to change its plans.

Some 187 staff voted for 바카라사이트 motions, while none opposed 바카라사이트m. There were 14 abstentions.

Meanwhile, academics at 바카라사이트 University of Cambridge also held a special meeting on 바카라사이트 USS, which was chaired by vice-chancellor Sir Leszek Borysiewicz, on 28 October.

The university¡¯s working group on pensions has criticised various aspects of UUK¡¯s proposals to end 바카라사이트 final salary pension scheme and replace it with a career average model, which also includes a defined contribution element for higher earners.

It claims 바카라사이트 assumptions used by 바카라사이트 USS may be ¡°overly prudent¡±, leading to larger-than-required cuts to pensions.

Universities UK has said a recovery plan is ¡°unavoidable¡± because it must reduce 바카라사이트 fund¡¯s deficit in line with rules set by 바카라사이트 Pensions Regulator.

¡°Currently, 바카라사이트 employers¡¯ proposal for reform is 바카라사이트 only option on 바카라사이트 table that offers an affordable, attractive and sustainable pension scheme within 바카라사이트 constraints set by 바카라사이트 USS trustees,¡± a spokesman said.

jack.grove@tesglobal.com