Share this page!

Josephine Cumbo Profile picture
Twitter logo
Jun 16 • 3 tweets • 2 min read
71,000 UK university sector staff will lose £100k-£200k each from their pensions due to the impact of the latest pension cuts, according to a global academic analysis.

More follows:
196,000 active members of the #USS #pension scheme will see their future pensions cut by 30%-35% if Consumer Price Inflation (CPI) remains at its historic average of 2.5%, according to the first global analysis of the impact of the April 2022 #USS pension cuts, published in May.
But the impact of the April 2022 cuts is harshest on the under 40s, according to the academic analysis. Losses to their future pension range between £100-000 to £200,000. Image

• • •

Missing some Tweet in this thread? You can try to force a refresh
　

Keep Current with Josephine Cumbo

Josephine Cumbo Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @JosephineCumbo

Josephine Cumbo Profile picture
Jun 21
BREAKING: Govt has released further details about a "Green Nudge" trial to be launched in coming weeks and involving some of the UK's biggest pension providers.

Details to follow.
More than 160,000 pension scheme members in the UK are to be "encouraged to learn more about making greener pension choices" in a 3-week trial, as part of the UK government's COP26 agenda

Aviva, Smart Pension and Hargreaves Lansdown will deliver the “nudges” to scheme members 2/
The DWP says the “Green Nudge” trial will "test the impact of behavioural nudges and messages on increasing saver engagement with the sustainability of pension investments and how this could translate into greener pension decision-making".
Read 7 tweets
Josephine Cumbo Profile picture
Jun 21
NEW: MPs have raised concerns with the Sec of State for Work and Pensions over an alleged 'lack of transparency' of the information it uses to inform policy.

More to follow
Stephen Timms, chair @CommonsWorkPen, wrote to Thérèse Coffey, to say a number of organisations & individuals had been in touch concerning further research and information that had not been published by her Dept, despite expectations or previous commitments to do so.

2/
In a six-page letter Timms set out examples of where there were concerns with the DWP and transparency.

committees.parliament.uk/publications/2…
Read 4 tweets
Josephine Cumbo Profile picture
Jun 17
NEW: UniversititIes UK, the employer body for the UK university sector, said “We have not made misleading claims" about the impact of April 2022 pension cuts on members of the #USS.
UUK:"It's reasonable for us to conclude in headline terms - using the example personas developed by USS – that reductions in retirement benefits will be in range of 10-18%. We've consistently said members should use the USS modeller to check (their specific) possible impacts."
UUK says using a headline of 35 per cent cuts to #USS members' pensions - from the April 2022 benefit reforms - is potentially misleading and potentially damaging to members.
Read 4 tweets
Josephine Cumbo Profile picture
Mar 4
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.
Read 17 tweets
Josephine Cumbo Profile picture
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
Josephine Cumbo Profile picture
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

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Don't want to be a Premium member but still want to support us?

Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!

Ethereum

0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy

Bitcoin

3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us on Twitter!

:(