All members are welcome to the next Action Group meeting on Tuesday 7 November from 1-2 pm (see email for venue). Please come along to work on the next steps in the Statutes campaign, including discussing future action and to help develop the inspiring ‘University of the Aire’ theme which emerged in the ‘Striking Insights’ teach-out.
Your last chance to vote in the USS pension ‘consultative e-ballot’ from UCU is today at 5.15pm. It is *vital* that all members vote in this. Leeds UCU Committee urges you first of all to vote, and we recommend strongly that you vote to say yes, you are willing to take industrial action to defend pensions. Industrial action is always a serious step, but please be assured that in the event of any future action we will always do all we can to support members disproportionately affected by related deductions should that need arise. A recap on where we are is on this website at http://www.leedsucu.org.uk/archives/2664, The following links are also useful: Good clear blog post in the independent ‘Pension playpen’ USS latest news on national UCU website The USS employer consultation document (helpfully posted online by Sheffield university) (PDF) The response from UCU advisers First Actuarial (PDF) An email went out this morning from UCU HQ to members who haven’t yet voted with the subject line ‘Last chance to vote: defend USS now’ so if this is you, please check your inboxes for that email. The original email to members with the voting link went out on 19 … continue reading
Many UCU members will have pensions in the Universities Superannuation Scheme (USS) and will remember that back in 2014 the scheme was changed (against our wishes) to replace the final salary basis with a ‘career average’ one, and an element of ‘defined contribution’ for salaries over a certain threshold. This reduction in pension benefits was a consequence of how the USS pension pot was valued – a strange and self-contradictory methodology which produced a large apparent ‘deficit’. At that time UCU campaigned against this peculiar valuation and against the changes to our pensions, with limited effect, and eventually members voted against further industrial action and the changes were imposed. At the time, we were concerned that if the methodology wasn’t changed, the same would happen at the next 3-year valuation in 2017. Lo and behold, that’s where we are now. Here’s the financial situation in a nutshell: Your pension scheme receives more money every year from members paying in than it spends in paying out pensions and costs. The current value of the scheme’s assets is £60.5 billion. The payouts last year were approximately 3% of that. The surplus is growing each year, and the investments have grown at a … continue reading
As you know, in the face of all protest and intelligent argument, next year we will all be converted to a career average salary scheme. You’ll recall also that there will be a ‘defined contribution’ scheme running in tandem, that will begin with contributions from salaries over a certain threshold. The USS still are nowhere near having that element in place, and so the pension scheme next spring will in effect convert to one that nobody has proposed or agreed (albeit moderately better than the one imposed), and this will last for a few months until they can get their ‘defined contribution’ section up and running. For details of how poor a defined contribution scheme is compared to the defined benefits of a career average or final salary scheme, see the second half of this page: You’ll recall that when all this came to light a year ago, it was proposed (as we warned back in 2011) that the final salary pension scheme would be closed and that a career-averaging scheme would be applied for all current and new members to the USS pension scheme. The argument for the necessity of this centred around a calculation, a valuation, misleadingly called … continue reading