Discover and read the best of Twitter Threads about #UUK

Most recents (12)

So: #USS is undertaking a new valuation (of funding position in March 2018). 1/ #USSstrike
Bill Galvin, #USS CEO, implicitly puts onus on #UUK for problems of 2017 valuation, stating that employers had given a "very clear view" to USS to "take less risk than was laid out in its [USS's] original proposals" uss.co.uk/how-uss-is-run… 2/ screen shot of part of document linked to in tweet
There is clearly dispute between #USS and #UUK over this: the #JEP, we should remember, said that it had 'not taken a view' on the differing perspectives of #UUK and #USS over the shift from the Sept to Nov TPs & valuation assumptions ussjep.org.uk/files/2018/09/… 3/ screen shot of p. 45 of document linked to in tweet
Read 10 tweets
UPDATE on 2017 #USS valuation.

Universities UK has told me:
“Employers support the JEP’s recommendations, subject to acceptance from the USS Trustee and The Pensions Regulator, and to further information for employers on risk and its implications.”

1/
#UUK: ”We look forward to discussions with UCU, and with the USS Trustee, over the coming weeks as we seek a jointly agreed solution.”
2/2
#UUK has further clarified that employers support “all of the recommendations put forward by the panel” – subject to the conditions outlined in earlier tweeted statement.
Read 14 tweets
Reading fhrough the Joint Expert Panel report and it is quite bruising for the #USS, #UUK and Pensions Regulator.

Key comments from the Executive Summary of the JEP report to follow:
Firstly, on the Trustees’ use of 3 tests to help assess contribution affordability. The Panel thought the Trustees gave “too much weight” to “Test 1” which was not being used as a “stop and check” reference point but “constraint” on benefit design and investment strategy. 1/
The Panel said that “insufficient weight” was given to the fact that USS was a large, open scheme that was cash flow positive. The “strength and diversity” of the HE sector appeared not to have been taken into account “in some areas”. 2/
Read 17 tweets
BREAKING: #USS Joint Expert Panel, reviewing 2017 #USS valuation, has published its report.

Summary of key recommendations to follow:
The Panel looked in detail at the methodology, assumptions and tests employed by the Trustee, and particularly at USS’s ‘Test 1’ which underpins the 2017 valuation.

"In the Panel’s view this test has assumed too much weight in determining the valuation."

2/
The Panel unanimously recommended 4 areas where adjustments to the 2017 valuation should be considered:

1. A re-evaluation of the employers’ attitude to risk, which would result in a re-evaluation of the reliance on the sponsor covenant.

3/
Read 11 tweets
I've been reading up on the 3 UUK nominees for the UUK–UCU Joint Expert Panel: Ronnie Bowie, Sally Bridgeland, and Chris Curry ipe.com/countries/uk/u… #USSStrike 1/
Let's start with Ronnie Bowie, Partner at Hymans Robertson, who 'works as a Scheme Actuary & Investment Adviser to a number of large private & public sector schemes and has built a reputation as a respected expert witness' hymans.co.uk/people-finder/…
I've been going back to 10 or so years, looking at how actuarial science is discussed before and after the 2008 economic crisis. I am outsider to the field – approaching it as someone who researches recent histories & geographies of various human sciences
Read 41 tweets
In the end I voted no. I didn’t have confidence in #UUK to rebuild trust on its own terms. I didn’t feel able to vote for a panel whose terms of reference were not laid down in advance. I didn’t think these were unreasonable demands then.
I don’t think they are unreasonable demands now. However, it is clear how much vigilance will be required on how #UUK will seek to shape process. But it is not clear to me now who will provide this and how it will happen.
Having put this to the ballot I want @ucu to now tell us the key processes, roles and points at which we as branches, #uss members, and university employees will be able to shape next stages in #ucustrike. But I am not confident here either.
Read 4 tweets
Unhappy about proposed #USS pension cut?

Not convinced current #UUK offer protects you from significant & long term pension cuts. What if I told you that it's not the only cut your #USS pension has experienced 👇👇👇 #USSstrikes
Cut 1: Employer pension contribution holidays

Between 1983-1997, employers cut their contributions from 18.55% to 14%, resulting in an estimated £7 billion being lost from the value of the fund.
Cut 2: Closure of USS as a final salary (FS) scheme

By closing FS scheme in 2015, & moving members into a lower value DB scheme, it is estimated the value of a #USS pension was cut by 20% on average.
Read 5 tweets
I have asked #UUK if the March 12 ACAS proposal for #USS valuation, which was rejected by #UCU members, remains on the table.

Headline terms of this offer: £42K salary threshold for DB, 1/85th accrual and 2.5% inflation and revaluation cap.

Response to follow:
#UUK

"Discussions on benefit reform remain paused while we await the UCU response to the convening of a Joint Expert Panel.

We are committed to maintaining a meaningful DB element within any new proposal."

2/
I have gone back to #UUK on this reply as it hasn't quite provided the clarity needed on employers' position.
Read 4 tweets
#UUK has responded to further questions on the #USS proposal made to #UCU Friday 23/12.

Questions and answers to follow

1/
Q: Has UUK undertaken to remove Jan23 JNC decision completely from the table?
A: As part of the jointly developed proposal agreed at Acas on 12March UUK pledged not to take forward the Jan23 JNC decision & suspended member consultation on it. This commitment remains in place
2/
Q: Is #USS bound to accept the recommendation of the joint expert panel?

A: Under legislation it is the trustee’s role to determine the scheme’s technical provisions therefore the USS Trustee cannot be bound by the findings of the Joint Expert Panel.

3/
Read 8 tweets
What would happen if #UUK was disbanded (or University leaders all withdrew their membership of it) - other than huge cost savings for universities. Just think how many students' tuition fees it takes to pay their staff's salaries. *ponders* #USSstrike #nocapitulation #UCU
UUK income from membership 2017; £7.4 million (p27 of annual report)
UUK Salary costs in financial year 2017: £5.7 million (p30), inc 140-150k for one employee, presumably chief exec. Full report: universitiesuk.ac.uk/about/Document…
#USSstrike #nocapitulation @ucu #ucu @VianBakir1
UUK has ~100 members, so a rough average is £74,000 per member university. Which is 8.2 student years per university (assuming 9k/yr/student). I can think of better ways of spending that money #USSstrike #nocapitulation @ucu #ucu @VianBakir1
Read 3 tweets
I'm worried about the future of my employer, @OpenUniversity, under its Vice-Chancellor, @PeterHorrocks.

Part one of a series of posts explaining why I think there's about to be another crisis in UK HE. 1/x
The most important alarm bell: HoC Education SC, Feb 21st 2018, @PeterHorrocks answers a question about his salary, justifying it thus: "We are going to have to carry out the largest restructuring redundancy programme ever in UK university history" 2/x
parliament.uk/business/commi…
This announcement by @PeterHorrocks didn't surprise me (though the salary context did) because he'd already said to the Guardian in Nov 2017 that he was planning "many, many hundreds of job losses in the university". 3/x
theguardian.com/higher-educati…
Read 39 tweets
This looks like good news from @TPRgovuk, opening the door to a #USS deal on the basis of the Sept 2017 valuation involved in the initial @UCU recovery plan, if only the remaining hold-out VCs will accept this. 1/x
But we should in any case beware one kind of mistake which comes from treating @TPRgovuk as some unmovable exogenous constraint on a #USS deal. (1) The #tPR view itself is in part a function of VC’s avowed positions on risk levels. 2/x
And, (2) as @AdamJTucker has pointed out, there is a good degree of flexibility in how @TPRgovuk operates, and its regulatory framework allows space for appropriate intervention from the government. See embedded thread:



3/x
Read 19 tweets

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