A long overdue thread on the @USSpensions consultation, and what you might consider saying.
Firstly, here's consultation link. You will need your USS member number, which you can find on the top of emails from them, plus identifying information. 1/
ussconsultation2021.co.uk/members
Once you're logged in, you can play with the modeller and confirm that @UniversitiesUK are shameless about misrepresenting the scale of the cuts. (I am projected to lose ~36% of my future guaranteed pension, which falls to ~28% including DC converted to an annuity.) 2/
Once you've figured out the impacts, then you can go to the questions. I will not tell you what to say, as the questions are fairly clear and I would expect the responses fairly obvious. But here are some things you might like to consider saying at various points. 3/
- If you consider the cuts to be based on a distorted valuation, conducted at the worst point in the pandemic, say so!
- If you believe the valuation suffers from extreme levels of prudence, then say so! (@martinwolf_ of the @FT would probably agree.) 4/
ft.com/content/5f20cc…
- If you consider @USSpensions to have breached the scheme rules in how they conducted the valuation processes, biasing the negotiations away from @ucu and towards @UniversitiesUK, then say so! 5/
- If you consider the directors of the scheme to have acted contrary to your best interests, whether of the valuation date, the lack of control of scheme costs, the lack of divestment, or the equalities considerations of the proposed cuts, then say so! 6/
- If you are furious at the misrepresentation by @UniversitiesUK over the scale of the cuts, then say so!
- If you are prepared to strike to ensure that the cuts are revoked, and a new valuation is demanded by employers, then say so! 7/
- Of course, if you believe that these cuts are a rational and necessary response to the situation the scheme's in, then say that instead! 8/
- And if you think that the consultation is a waste of your time, then you have my sympathies. But I encourage you to fill it in, not least so that we can point to the levels of outrage and show that we are accurately representing the views of the scheme's members. 9/9
ONE IMPORTANT POINT TO ADD: PLEASE RETWEET!
- If you think that maintaining current benefits is the top priority (even if that means paying 11% from April-October while a new valuation is undertaken), say so!
Employers are trying to pretend this option doesn't exist. #USSmess
Mike's blog below gives very useful arguments for why the fall-back position of maintaining current benefits should be supported. mikeotsuka.medium.com/the-overwhelmi…
And more from @MikeOtsuka here on the importance of answering Qs 5 & 6. mikeotsuka.medium.com/please-reply-t…
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