Discover and read the best of Twitter Threads about #UUK
Most recents (19)
BREAKING: 68 universities in the UK face a further 5 days of strike action this month over #pension cuts and pay.
Staff at the 68 universities this week finished taking up to 10 days of strike action.
UCU, the union, said further strike action was called after employers "forced through pension cuts and refused to negotiate meaningfully over pay and working conditions.
UCU, the union, said further strike action was called after employers "forced through pension cuts and refused to negotiate meaningfully over pay and working conditions.
UCU, the union, says preparations are also underway for for a marking and assessment boycott
All universities across the UK to be reballoted for potential action next term, the union added.
All universities across the UK to be reballoted for potential action next term, the union added.
BREAKING: The UK High Court has over-turned a decision to deny legal action by academics against the #USS pension scheme over the handling of the controverisal #2020 valuation. #UCU #USS #UUK
Details follow.
Details follow.
The UK High Court set aside a previous court order and allowed a claim by 2 academics who are pursuing legal action against the #USS directors, as well as against the scheme’s chief executive, Bill Galvin, over the 'flawed' 2020 valuation.
Neil Davies of Bristol University and Ewan McGaughey, of KCL, argued USS directors acted in breach of their duties in conducting “a flawed valuation and predicting a so-called ‘deficit’ as well as proposed cuts that will disproportionately impact women, minorities & young people.
BREAKING: An industrial dispute over #pension cuts impacting thousands of university sector workers is set to escalate as employer-backed proposals to reduce guaranteed #pension benefits were ratified today.
BREAKING: The University and College Union (UCU) has told #USS university employers to expect more industrial action, including a marking and assessment boycott, after controversial cuts to guaranteed pension benefits were ratified.
NEW: UCU general secretary Jo Grady said University vice chancellors had today chosen to "steal tens of thousands from the retirement income of staff".
"This is a deplorable attack which our members won’t take lying down."
"This is a deplorable attack which our members won’t take lying down."
BREAKING: The Universities Superannuation Scheme Joint Negotiating Committee has today formally voted to implement cuts to future #pension benefits for tens of thousands of UK university sector staff.
The JNC - a body which represents #USS employers and members - passed a controversial package of employer proposals which will see members build smaller pensions in future. The cuts are the focus of current industrial action across dozens of university campuses.
I am awaiting confirmation of the JNC vote, and whether the chair cast her vote. #USS
🪧 #UCUstrike Thread 🪧
Wondering why staff across 68 universities are on strike?
@ucu #OneOfUsAllOfUs #FourFights #DigitalPicketLine #DigitalPicket
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Wondering why staff across 68 universities are on strike?
@ucu #OneOfUsAllOfUs #FourFights #DigitalPicketLine #DigitalPicket
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1. Fair Pay (including fair pensions):
Staff pay has dropped by over 17% in real-terms since 2009
ucu.org.uk/article/10342/…
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Staff pay has dropped by over 17% in real-terms since 2009
ucu.org.uk/article/10342/…
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NEW: The deficit at the UK's largest private-sector pension scheme, the #USS, has been slashed from £14bn in March 2020, to £2.9bn at the end of January this year, as the schemne's assets recovered to pre-pandemic levels. #UUK #UCU
More follows.
More follows.
A funding update released by the #USS showed the scheme's funding ratio - or plan's assets as a percentage of liabilities - had grown to 97% at the end of January this year from 83% in March 2020 - the timing of the scheme's last formal health check.
#USS published this update on February 16, the day before a Feb 17 deadline for hundreds of employers to respond to a consultation on cuts to #pension benefits, which were based on the scheme's position in March 2020, when its finances were less rosy.
uss.co.uk/news-and-views…
uss.co.uk/news-and-views…
Quick summary of today's key development in the #USS #pension dispute.
#USS said the #UCU compromise proposal - to avert strike action - was 'operationally' viable
BUT
...contributions for members and employers would need to rise, over time, to 13.9% and 29.1% respectively.
#USS said the #UCU compromise proposal - to avert strike action - was 'operationally' viable
BUT
...contributions for members and employers would need to rise, over time, to 13.9% and 29.1% respectively.
#UUK has today launched a consultation with all #USS employers on #UCU’s formal proposal, after receiving costings from #USS.
Under UCU’s proposal, eer contributions wd gradually rise from 21.4% of salary to 29.1% by April 2024. Members rise from 9.8% to 13.9% over same period
Under UCU’s proposal, eer contributions wd gradually rise from 21.4% of salary to 29.1% by April 2024. Members rise from 9.8% to 13.9% over same period
In its consultation #UUK will ask employers if they will pay an additional c£200 million annually from April 2022, and an extra £330 million from this Oct and ultimately c£700 million more each year from April 2024 – on top of the current USS pensions cost of around £2bn per year
BREAKING: A potentially significant development today in the UK university #pension disupte.
#UCU says compromise pension proposals - put forward by the union to avert strike action - have been deemed "both viable and implementable" by the #USS pension plan.
More follows:
#UCU says compromise pension proposals - put forward by the union to avert strike action - have been deemed "both viable and implementable" by the #USS pension plan.
More follows:
And so the @LivUni Vice Chancellor, Dame Janet Beer, is preparing to leave.
So what will her legacy be?
(Spoiler: I have been a local UCU trade union officer for 3 years & this might affect what I’m about to say, but don't worry I’ll stick to the objective facts).
1/11
So what will her legacy be?
(Spoiler: I have been a local UCU trade union officer for 3 years & this might affect what I’m about to say, but don't worry I’ll stick to the objective facts).
1/11
As President of #UUK, she led the employers side into the biggest national industrial action in the history of the union (the 2018 pensions strike).
This same dispute has provoked strikes to secure our pensions every since year since 2018. Watch this space...
2/11
This same dispute has provoked strikes to secure our pensions every since year since 2018. Watch this space...
2/11
She presided over the #FightForHealthJobs, the biggest local strike in the history of our Branch
@ULivUCU2 members won a resounding victory.
3/11
@ULivUCU2 members won a resounding victory.
3/11
NEW: The UK government has issued a statement on the prospect of industrial action on University campuses over cuts to staff pensions. #USS #UCU #UUK
The statement comes ahead of a mass meeting of university union members this afternoon to discuss industrial action.
The statement comes ahead of a mass meeting of university union members this afternoon to discuss industrial action.
A Department for Education spokesperson said:
“While government has no direct role in the #USS pension, we strongly encourage all sides to reach an agreement that delivers good value for students, staff, and providers so that the prospect of industrial action can be avoided”
“While government has no direct role in the #USS pension, we strongly encourage all sides to reach an agreement that delivers good value for students, staff, and providers so that the prospect of industrial action can be avoided”
The Dept for Education added that higher education providers that offer the #USS pension are autonomous and responsible for the pension provision offered to their staff.
BREAKING: The £67bn #USS pension scheme will in March launch a discussion paper on changes to the way it values its liabilities.
The scheme is at the centre of a pensions dispute between university workers and employers over contribution hikes, demanded by #USS.
The scheme is at the centre of a pensions dispute between university workers and employers over contribution hikes, demanded by #USS.
The #USS trustee has been reviewing the methodology approach for the 2020 Valuation since the summer and has been in discussions with #UCU and #UUK over potential changes.
#USS said the the review of its valuation methodology has been "wide-ranging" and has considered aspects of the methodology that were proposed by the stakeholder’s Joint Expert Panel, including dual discount rates.
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.”
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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.”
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#UUK: ”We look forward to discussions with UCU, and with the USS Trustee, over the coming weeks as we seek a jointly agreed solution.”
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#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.
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:
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/
BREAKING: #USS Joint Expert Panel, reviewing 2017 #USS valuation, has published its report.
Summary of key recommendations to follow:
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/
"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/
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/
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
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.
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.
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.
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:
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/
"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.
#UUK has responded to further questions on the #USS proposal made to #UCU Friday 23/12.
Questions and answers to follow
1/
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/
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/
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/
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 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
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
3/x
