A few facts about USS (Universities Superannuation Scheme) one of the pensions for UK HEIs - mostly Pre 92.
#ussMess
It is NOT a final salary scheme.
It used to be but it is now Career Averaged or CARE defined benefit on salary below 60k and Defined Contribution above.
Cont.
#ussMess
It is NOT a final salary scheme.
It used to be but it is now Career Averaged or CARE defined benefit on salary below 60k and Defined Contribution above.
Cont.
USS facts 2
It is NOT paid for by the taxpayer.
Unlike the TPS or other local government schemes government backed schemes*, it is paid for by members who pay almost 10% of salary and employers who defer another 21% of salary into the scheme.
(*The issue of OfS is complicated)
It is NOT paid for by the taxpayer.
Unlike the TPS or other local government schemes government backed schemes*, it is paid for by members who pay almost 10% of salary and employers who defer another 21% of salary into the scheme.
(*The issue of OfS is complicated)
USS facts 3
In addition to being cashflow positive: current payments into the scheme exceed outgoings to current pensioners, the scheme holds substantial assets. These have increased recently.
The USS estimate the deficit has dropped by about £12bn to around 3bn
In addition to being cashflow positive: current payments into the scheme exceed outgoings to current pensioners, the scheme holds substantial assets. These have increased recently.
The USS estimate the deficit has dropped by about £12bn to around 3bn
USS Fact 4
In 2018 UCU through strike action fought off an attempt to close the DB* part of the scheme and turn it into an entirely DC* scheme
* See next tweet
As a result of that action USS members will get 3 more years of DB = 1/25th of salary p/a in retirement
In 2018 UCU through strike action fought off an attempt to close the DB* part of the scheme and turn it into an entirely DC* scheme
* See next tweet
As a result of that action USS members will get 3 more years of DB = 1/25th of salary p/a in retirement
Defined benefit (DB) = you know what you get - currently retirement income = (1/75th salary X yrs paying in) p/a
Defined contribution (DC) you know what you pay in into a savings pot which can be used to buy an annual income on retirement. The risk sits with the member.
Defined contribution (DC) you know what you pay in into a savings pot which can be used to buy an annual income on retirement. The risk sits with the member.
USS Fact 5
We are again fighting against cuts to our pension.
Cuts to the accrual rate, inflation protection + the salary cap could see members lose 35% of future pension.
UCU represents all USS members.
When UCU members strike for your pension they lose 100% of wages
Cont.
We are again fighting against cuts to our pension.
Cuts to the accrual rate, inflation protection + the salary cap could see members lose 35% of future pension.
UCU represents all USS members.
When UCU members strike for your pension they lose 100% of wages
Cont.
Despite losing all our wages while striking and some branches facing additional punitive deductions for taking Action Short Of Strike (ASOS) we would still have to strike for a v long time to lose as much money as we stand to lose in our retirement under employers' proposals
USS Fact 6
Pension are not a gift.
They are our deferred wages.
We earn them
A cut to our pension is a wage cut.
#ussMess
Join UCU. Join the fight for your retirement.
Pension are not a gift.
They are our deferred wages.
We earn them
A cut to our pension is a wage cut.
#ussMess
Join UCU. Join the fight for your retirement.
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