June 15th, 2021
Universities UK (UUK) has confirmed that employers representing 95% of USS membership have responded to the recent consultation on its alternative proposals to ensure a valuable, affordable, inclusive and sustainable scheme for staff for the long term.
The consultation confirms that employers would be willing to: make significant additional covenant support measures to secure the Defined Benefit part of the scheme; investigate the feasibility of conditional indexation; back a governance review of the scheme; and support a new flexible cost option for scheme members.
Without changes to the scheme, employers and scheme members face escalating contribution rates: for employers, from the current level (21.1% of salary) to 23.7% in October 2021 and at least 28.5% next year. Similarly, USS pension scheme members would see their payments rise from 9.6% of salary, to 11% in October 2021 and reach at least 13.6% next year – risking the pricing more and more members out of pensions saving.
UUK received 141 responses from employers to its recent consultation, outlining their support for the following package of reforms:
These proposals will now be discussed over the coming weeks with the UCU, representing members, UUK, and USS at the Joint Negotiating Committee, which is responsible for approving any scheme rule changes and concluding the 2020 valuation.
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