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Pensions Under Attack

Nov 28th, 2017 | By | Category: Latest

IMPORTANT ANNOUNCEMENT FOR STIRLING MEMBERS.
IT IS VERY IMPORTANT THAT YOU RETURN YOUR BALLOT as the vote will not be considered valid unless we have at least a 50% turnout.
PLEASE ALSO ENCOURAGE YOUR COLLEAGUES TO USE THEIR VOTE.

Universities UK have announced their desire to close the Defined Benefit of the USS pension and move to a Defined Contribution system (DC).  As you know, your pension is currently predictable well in advance as it is based on a calculation related to your earnings (DB). Under a DC system, your pension contributions will depend solely upon returns from the stock market on your “investment”.

UCU General Secretary Sally Hunt described this as, ‘the worst proposal I have received in twenty years of representing university staff’. Independent analysts First Actuarial estimate that on a like for like basis, UUK’s proposal would reduce retirement benefits paid by between 20% and 40%.  Since pensions are deferred pay, this represents a massive and unprecedented cut to your pay.

It is clear also that there is no objective financial case for making this move. The decision is based on a flawed valuation of USS as it stands. This move is designed simply to shift the pension from a collective provision of retirements benefits to an individual system of savings. The change is likely to lead to a reduced membership and so, ironically, endanger the plan further.

Given the seriousness of this proposal,
UCU has chosen to ballot for strike action
.

You will be receiving a POSTAL ballot very soon

IT IS VERY IMPORTANT THAT YOU RETURN YOUR BALLOT as the vote will not be considered valid unless we have at least a 50% turn out.  PLEASE ALSO ENCOURAGE YOUR COLLEAGUES TO USE THEIR VOTE.

This proposal effectively means the end of a secure and stable pension plan for employees in Higher Education and is vitally important that members do everything in their power to protect it.

More here: https://www.ucu.org.uk/article/9075/Important-pension-update

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