Universities UK statement on USS pension scheme reform

Friday, 16 January 2015

Universities UK has released the statement below about USS reform.

Over the last few months significant progress has been made in closing the differences between the negotiating positions of the two parties and we now have a potential joint proposal for reform of the USS which the UCU is putting to a consultative ballot of their members in pre-92 institutions.

The importance of maintaining an attractive benefits package is a view that the employers share with scheme members. Given that it is unavoidable that a recovery plan has to be submitted to the Pensions Regulator that would address the substantial scheme deficit over a reasonable period, the potential joint proposal for reform offers an attractive, affordable and sustainable pension scheme, for both current and future members.

We are pleased that the UCU have taken the decision to extend the suspension of industrial action whilst they consult their members. The next formal Joint Negotiating Committee (JNC) meeting is scheduled for the 29th January and it is intended that a final decision on a scheme reform proposal that will be the subject of a statutory consultation with employees will be made at this meeting.

The employers have also urged the USS Trustee Board to make a number of changes to the technical provisions for the 2014 scheme valuation in order to avoid an approach that is unnecessarily prudent, to the potential detriment of the scheme's stakeholders.

An online benefits estimator will be launched shortly to allow scheme members to estimate their potential future pension benefits under these reform proposals.

Universities UK media statement - 15th January 2015