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Josephine Cumbo @JosephineCumbo
, 4 tweets, 2 min read Read on Twitter
BREAKING:

#UCU members to be consulted over latest #USS pension dispute proposals
#UCU general secretary Sally Hunt: "These latest proposals were won by the solid action of UCU members and now is the time for them to have their say on what happens next."

Members will be consulted next week.

2/
#UCU: "After seeking some clarification, including that the DB element of the scheme would be maintained while a joint-expert panel considers the valuation of the USS fund, the Higher Education Committee voted to put the proposals to members in a ballot."

3/
#UCU has also served notice of strike action at 13 universities to begin on 16 April as part of a fresh wave of industrial action aimed at targeting the exam and assessment period.

4/4
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UPDATE on 2017 #USS valuation.

Universities UK has told me:
“Employers support the JEP’s recommendations, subject to acceptance from the USS Trustee and The Pensions Regulator, and to further information for employers on risk and its implications.”

1/
#UUK: ”We look forward to discussions with UCU, and with the USS Trustee, over the coming weeks as we seek a jointly agreed solution.”
2/2
#UUK has further clarified that employers support “all of the recommendations put forward by the panel” – subject to the conditions outlined in earlier tweeted statement.
Read 14 tweets
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#USS has sent a further statement responding to questions on their statement this morning. USS was asked whether the figures, released to @Sam_Marsh101 last week, were also shared with the Joint Expert Panel and where they found errors with his analysis.

Response to follow:

1/
USS: "We provided all of the information and analysis that was requested by the Joint Expert Panel. Given that it ignores downside risk, the approach Dr Marsh looks to support by using asset projections alone is not applicable in the context of USS.

2/
USS: As such, it was not requested by - or provided to - the JEP or employers. It is not as fundamental to the valuation approach as Dr Marsh seems to believe or as recent commentary would suggest.

3/
Read 12 tweets
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Reading fhrough the Joint Expert Panel report and it is quite bruising for the #USS, #UUK and Pensions Regulator.

Key comments from the Executive Summary of the JEP report to follow:
Firstly, on the Trustees’ use of 3 tests to help assess contribution affordability. The Panel thought the Trustees gave “too much weight” to “Test 1” which was not being used as a “stop and check” reference point but “constraint” on benefit design and investment strategy. 1/
The Panel said that “insufficient weight” was given to the fact that USS was a large, open scheme that was cash flow positive. The “strength and diversity” of the HE sector appeared not to have been taken into account “in some areas”. 2/
Read 17 tweets

Related threads

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#Breaking: The #YellowVests protests in France #Paris are getting out of hands people throwing Molotov Cocktails, and self made minor explosive devices. #GiletsJaunes as people demand for French President #Macron to resign.
#Update: More then a dozen of cars, Scooters, and vans have been set on fire in #Paris in France! People are scaling the Champs-Élysées monument and are screaming #Macron resign now! #GilletsJaunes #YellowVests
#Update: Some pictures of the protests today in #Paris in France.
Read 28 tweets
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#BREAKING
Al Jazeera reporting intense clashes between Iraqi protesters & security forces in Basra in an attack on the provincial building.
Two are reportedly killed & 11 injured.
#BREAKING
Reports indicate protesters in Basra, southern #Iraq, have taken control over the provincial building.
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Sep 4 - Basra, southern #Iraq
Shiite protesters demonstrating against corrupt #Iran-linked government officials have taken over downtown areas and government buildings.
They are demanding the border with Iran be closed.
Read 36 tweets
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This is fascinating by @MikeOtsuka on logic & motivations of #USS Test 1 (& how Test 1 might be met without de-risking), based on talk at @bsaweel Pensions Symposium. We've invited Mike to contribute longer piece for @OpenUPP2018 at @USSbriefs medium.com/@mikeotsuka/ho… #OpenUPP2018 screen shot of part of blog post linked to in website
.@MikeOtsuka's piece links to #USS discussion document sent as response to a Qu & challenge from Mike (sent by USS & linked to a meeting Mike had w USS executives on 23 March 2018). This adds to archive of #USS materials (cc. @ForPension) drive.google.com/file/d/1Q4r6tE… #OpenUPP2018
The #USS discussion document ("Response to Prof Michael Otsuka for discussion purposes") is dated 22 March 2018 with authors Guy Coughlan, Jeff Rowney, Steve Towers. Author in document properties is Jeff Rowney drive.google.com/file/d/1Q4r6tE… #OpenUPP2018
Read 16 tweets
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Ok, here's are some updates on #UCU2018 and the debate over Motions 10 and 11 (respectively, no confidence in and censure of General Secretary Sally Hunt: see ucu.org.uk/circ/html/UCU8…)
Before we get to those motions, a note that the amended version of B19, calling for a democracy review, was passed by overwhelming majority.
Now to Motions 10 and 11: one speaker argued that the motions involved taking action against another union and therefore were inappropriate.
Read 11 tweets
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Quickly pulling past thoughts together, here’s a collation of my last two weeks of threads on value, politics and knowledge in #ucustruke. I’ve ordered these explorations of the sites making the #uss pension dispute through the intersection of different registers of value
It started with a rant to those who said academics needed to join the real world, which at root was an argument about unrecognised academic surplus labour, accumulated as *surplus-value* by universities whilst vital to other innovation processes #ucustruke
It was quickly clear other knowledges were being mobilized, in particular by management consultancies creating new spaces of *speculative value* both in the management of higher education and in the move to DC pensions. Inspired by @CLIVEYB I started here
Read 10 tweets

Trending hashtags

#NoDetriment #WeAreTheUniversity #Trexit #USSStrikes #USSstrike #Nakba #uss #USSbriefs13 #USSbriefs #LGBT #HE #ResileAndResubmit #UCU2018 #Update #GreatReturnMarch #lootedBeninBronze #OXCAM #JEP #USSbriefs27 #USS #US #GazaFance #BasraProtests #Basra #USSbriefs5

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