Thread by @ucu

URGENT USS PENSIONS NEWS:

Today @UniversitiesUK voted to push ahead with its plans to cut thousands of pounds from the retirement benefits of university staff in the USS pension scheme

1/

The employer body voted for their package of cuts ahead of agreeing to fully consider UCU's alternative proposals and calls for a month's extension so that staff and universities could be properly consulted

2/

UCU's proposals would have delivered higher benefits in return for lower contributions than the proposals from @UniversitiesUK and for the first time would have would have provided a secure pension for staff on low pay and insecure contracts

3/

The proposals were intended to be a fair and short-term resolution to the flawed USS scheme valuation, which was carried out at the start of the pandemic when markets were crashing

4/

However, employers repeatedly refused to agree to a small increase in their own contributions. They also refused to provide the same level of employer ‘covenant support’ for UCU’s alternative proposals as they were willing to provide for their own

5/

.@UniversitiesUK proposals being voted through will now result in thousands of members facing significant cuts to their retirement income. For e.g. a typical member on a £42k lecturer's salary will suffer a 35% loss to their guaranteed retirement income

6/

The employers' proposals will also threaten the viability of the entire USS pension scheme as more staff decide to leave because of rising contributions and cuts to benefits

7/

The path now looks to inevitably lead to industrial action, unless employers revoke their decision today and agree to consult on UCU's alternative proposals

8/

Sadly, @UniversitiesUK couldn't find anybody in a position of leadership to put their name to today's press release announcing the cuts - which tells you all you need to know

9/

Today we are emailing over 50,000 members in USS institutions calling them to a mass member meeting, where the union will outline what next steps will be, and how they should start to prepare for balloting and strike action.

10/10