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, 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.
The #UCU announced further strike action at UK universities, in the same week it was claimed the #USS pension scheme, at the heart of the pension dispute, had not followed its own rules during the controversial 2020 valuation
UCU said its negotiators had raised "serious concerns" regarding the unfairness of the #USS scheme rules during the 2020 #USS valuation process and made the case to the chair of the Joint Negotiating Committee and both employers and the trustee for "urgent governance reform".
UCU said this week that it was taking legal advice on what options were available to "challenge the way in which processes have been run".

This was in response to a series of claims about the 2020 valuation made by @Sam_Marsh101
Questions now for @ucu as to whether they have pursued a legal opinion on the serious claims made by @Sam_Marsh101 about the way the 2020 scheme valuation - which resulted in further cuts to pensions, was conducted.
The #USS advised this week that the pension cuts for tens of thousands of UK university sector workers, had been enshrined in the scheme's Trust Deed and Rules following a meeting of the Trustee Board on Monday.

The cuts to #pensions (future accrual) come into effect in April.
#UCU is demanding that #pension cuts for university workers - due to come into effect next month - be revoked.

I am clarifying whether it is technically / legally possible for these changes to be revoked.
BREAKING:

Universities UK, which represents University employers, said the #UCU union union has an "ideological fixation with strike action and is determined to pursue it, no matter the cost."
In response to #UCU's plans for a further strikes this month over #pension cuts, #UUK said:

“Taking university staff out on strike again will not remove the need to reform USS to ensure it remains affordable for members and employers."

It said the cuts would go ahead April 1.
#UUK has also played down the impact of the union's first wave of strikes in February, saying the industrial action "did not achieve the outcome UCU intended", which only led to limited disruption to students.
#UUK said university employers had repeatedly made clear that current contributions to the #USS pension scheme were at the "very limit of affordability", and a majority of those responding to a consultation on UCU’s compromise #pension proposal for the 2020 valuation rejected it.
Questions now for the UK Govt over whether it should be stepping in to help resolve the increasingly bitter dispute over pay and #USS pensions which is disrupting education for thousands of students at universities across the country. @michelledonelan
#USS pension scheme has confirmed it is possible to revoke the #pension cuts that are due to come into effect April 1.

"Ultimately, this is a matter for UCU and UUK’s representatives on the JNC," said the #USS.
Clarification: The #USS pension scheme says “It wouldn’t be appropriate for us to speculate”on whether the April 1 pension cuts can be revoked. “Any change now would need a deed of amendment at least. Ultimately, this is a matter for UCU and UUK’s representatives on the JNC.”
The #USS: “We would firstly need a decision of the JNC, and to understand what that decision involves, before we could give any real indication as to the timescales required to process it.”

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More from @JosephineCumbo

Mar 2
NEW: The CIO of the UK's state-backed NEST pension plan says Russia is now an investment "no-go area"

Mark Fawcett, CIO of NEST, said over the short- and medium-term Russia looked “uninvestable”.

More follows:
“People (investors) are going to be very concerned about the respect for international law and property rights in Russia as a result of this action (invasion of Ukraine),” Fawcett told the FT.

“People will be cautious whether at a corporate level or pension fund level."
NEST has announced plans to divest all its investments in Russian govt bonds and Russian companies "as soon as possible.”

Around 0.2 per cent of its £22bn portfolio was exposed to Russia.
Read 4 tweets
Feb 28
BREAKING: The #USS trustee board today agreed to proceed with controversial #pension cuts for tens of thousands of #university sector members, effective from April 2022.
#USS said: “The Valuation was signed off in September 2021. At the meeting today, the Trustee board agreed to the deed giving effect to the changes to the member benefits from April 2022 in the form recommended by the Joint Negotiating Committee.”
The USS trustee approved the #pension cuts today as a High Court judge in London gave the go-ahead for a legal challenge to the 2020 #USS valuation.

"The Trustee’s view remains that this claim is without merit," said USS, adding it had not yet puts its case to the Court yet.
Read 5 tweets
Feb 28
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.
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.
Read 10 tweets
Feb 22
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."
Read 4 tweets
Feb 22
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
Read 12 tweets
Feb 22
NEW: Pension inflation rises to be lower for thousands of early leavers of defined benefit schemes, following Govt move.

More follows:

gov.uk/government/con…
Millions of people in the UK have Guaranteed Minimum Pensions (GMPs).

When an individual leaves a pension scheme early, the GMP they have built up is revalued upwards each year to protect against inflation. The revaluation rate used by some schemes is set by the Govt.
The Fixed Rate Revaluation set by the government is currently 3.5%.

However, the Govt today approved plans to reduce this to 3.25% for those who leave their scheme on or after 6 April 2022. This means a small saving for the scheme but lower increases for the member.
Read 4 tweets

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