The second report of the JEP arrived last Friday, and it’s a crucial document within the context of the current dispute over the USS pension scheme. Again, it vindicates the positions that UCU has adopted in relation to both the governance of the scheme and the valuation methodology. You can read the document here, and it contains a useful executive summary (pp. 7-12) and a summary of their conclusions (pp. 120-1). The JEP was established last year as part of an agreement between Universities UK (UUK) and UCU to pause the dispute after a historic fourteen days of strikes across the country. Its first report of September last year addressed the 2017 valuation that was central to the onset of the industrial action. It offered a series of recommendations for adjustments to that valuation. The panel now state that ‘the failure to collectively go forward with these recommendations was […] a missed opportunity to resolve the dispute’. This second report focusses on the scheme governance and key principles that should inform future valuations. The panel urge both UCU, UUK and USS to work together swiftly to embed these recommendations into the 2020 valuation process, which begins in a matter of weeks. On … continue reading

Members will have seen in last week’s all-staff communication the reminder that our USS pension contributions will be going up from 8% of Salary to 8.8% of salary, as from your pay slip at the end of April. We will be receiving letters from the USS this week with further details. We have communicated this known forthcoming contribution a few times in updates on pensions in the last few months. This is the first of a series of increases in contributions that were triggered last summer as a result of a failure to agree the 2017 valuation – the source of the big pension strike this time last year. Further increases will take place if no agreement is reached – and you will see these mentioned in the USS letter and by following links from the all-staff email – but please note that there are no employers who desire these further increases and the pressure is on to come to a conclusion and agree a way forward to avoid them. Members will recall that the Joint Expert Panel was established on the back of our strike, and its first report came out last September. Partially in response to that, USS … continue reading

Our University was one of the institutions that wanted us to lose Defined Benefits altogether. UCU National Disputes Committee adopts a ‘No Detriment’ position USS letter proposes using an updated March 2018 valuation to supersede the March 2017 valuation Our University’s position on last year’s UUK proposal to end to Defined Benefits Members at Leeds may have seen the recent release of the University of Leeds’s recent responses to UUK surveys of its members over the USS pensions scheme. What these documents tell us is that our University is among the most hawkish in willing an end to your Defined Benefit pension and that, in something of a volte-face given that early verdict, they have conceded that the UUK should adopt the JEP recommendations. We link to these documents at the bottom of this page. Michael Otsuka, who has been instrumental in commenting on and explaining the various vagaries of the pensions dispute, has described our recorded university’s position as “foaming at the mouth alarmist in their claims of DB” and pointed out that our employer was one of the minority that advocated a shift to 100% defined contributions – the base cause of last year’s strike. Professor Otsuka highlights the … continue reading