The package of devastating pension cuts imposed on university staff last year are on track to be revoked, with benefits restored 'in full'.

In a new joint statement UUK and UCU confirmed that, pending a successful 2023 valuation and the green light from ordinary scheme members, the accrual rate and salary threshold at which defined benefits build up will both be returned to pre-cut levels.

https://www.ucu.org.uk/article/12962/University-pension-benefits-on-track-to-be-restored-in-full-employers-and-union-confirm?utm_source=Mastodon&utm_medium=Social&campaign=ucuRISING

#UCU #ucuRISING #USS #pensions

The latest monitoring report from the Universities Superannuation Scheme (USS) trustee shows the cost of restoring benefits is estimated as just 21.8% of salary with the scheme showing a £7.6bn surplus.

The report is the latest confirmation that benefits are set to be restored after UCU members voted last month to overwhelmingly accept employer commitments to prioritise pension restoration.

https://www.ucu.org.uk/article/12952/Latest-pension-data-confirms-university-staff-on-course-for-historic-win?utm_source=Mastodon&utm_medium=Social&campaign=ucuRISING

#ucuRISING #UCU #HigherEducation #USS

Important update about the crowdfunded case against #USS directors (sorry it only appears to be on the Birdsite): https://twitter.com/PensionsPlanet/status/1636671101806706688

If you haven't already donate, please consider doing so: https://www.crowdjustice.com/case/save-pensions-and-planet/

Sharing this for UK #HigherEducation pals here ... a useful assessment of what's wrong with the 'restore #USS' factional position in our current industrial dispute. #ucuRISING #pension https://mikeotsuka.medium.com/how-the-uss-cuts-cannot-be-reversed-b041a63a8c11

Why have I been striking? I am lucky to have been on a permanent contract since 2020, but I oppose the huge use of fixed term contracts. Everyone should be as ‘lucky’. I am also disgusted by the mismanagement of the #USS pension plan, with 35% average cuts to pension value based on market value when markets crashed in March 2020 and assumption of 0% growth. Real terms pay cut of 25% is also no fun, nor are pay inequalities. If we accept this here it will be common practice everywhere #ucuRISING

RT @JosephineCumbo: UCU gen secretary Jo Grady, said the #USS was "going from strength to strength and there remained no credible reason why benefits should not be restored".
‘It is a disgrace that dedicated university staff have been forced to take industrial action to win their pensions back."

🐦🔗: https://n.respublicae.eu/catherinerowett/status/1597705406666506240

RT @JosephineCumbo: NEW: The #USS said that a deficit (£14bn) identified in the 2020 valuation, had been "eliminated" as of the end of August with the scheme showing a £5.6bn surplus.

The controversial 2020 scheme valuation led to a range of benefit cuts for tens of thousands of #USS members.

🐦🔗: https://n.respublicae.eu/catherinerowett/status/1597701909221347328

RT @JosephineCumbo
NEW: Striking UK university staff have called for the reversal of cuts to their #USS pensions after new data showed the retirement scheme had moved to a £5 billion funding surplus.

More follows:

UK university lecturers' and other university workers' pay has been progressively cut by 25% in real terms since 2009, and our #USS pensions have been degraded by ridiculously pessimistic valuations that have turned out to be hugely wrong. Yet UK universities have a massive surplus that could easily cover the #UCU pay claim, so why are they making us have to #strike AGAIN? This shouldn't have to happen.

Four days remaining to fund two plucky academics to take their legal case to reverse the cuts to the #USS pension scheme to the court of appeal. If you’re a scheme member, it’d be worth backing them. https://www.crowdjustice.com/case/save-pensions-and-planet/?utm_source=backer_social&utm_campaign=save-pensions-and-planet&utm_reference=4e0a586642c9d68b8ea143f5cd94fa7f&utm_medium=clipboard_copy&utm_content=post_pledge_page