As the #USS dispute goes on, it's clearer than ever that the institutions that govern our pensions have been failing us in multiple ways. They are secretive, non-transparent, marked by conflicts of interest and revolving doors. We need to open up and #DemocratizeUSS.
Of the 5 “independent” Trustees of #USS, 4 have a background working for investment and financial services companies, the 5th used to work for Rio Tinto, the mining company, running their gold mines in Papua New Guinea.
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: