This UoN UCU’s response to UoN’s post about USS – UoN text in black, UCU response in red.
Reporting latest developments on USS pension, UoN failed to accurately report what happened at JNC and UCU actions. We take this opportunity to rectify information and put some of the statements reported in context.
The Joint Negotiating Committee (JNC) has decided to progress the employers’ proposal for changes to the USS pension scheme to consultation with scheme members and representative bodies.
The decision means that scheme members could avoid significant increases in their contributions, which the USS Trustee has said it would otherwise be required to implement, going up from the current 9.6% to 18.6% of their salary from as soon as April 2022.
USS argued that to keep benefits unchanged, contribution rates need to increase to somewhere between 42% and 57% (cfr. 26% pre-2018 dispute). This is based on a flawed valuation of the scheme in March 2020 (see below) and essentially is a rip off.
Continue reading “Cutting through the spin on USS #2”