Tag: pension

USS Comparative Decrease Graph

Graph showing comparative USS pension decrease

Jackie Grant, a UCU pension rep. at Sussex, prepared the following graph, which comparatively outlines how pensions are likely to depreciate given the recent cuts pushed through at JNC. The graph highlights just how poor our pensions now prepare us for living in our old age, and how urgent changes to USS governance and valuation …

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USS: 0% contribution increases needed to service deficit!

I have just sent the following letter to Martin Atkinson and Jane Higham in the hope that we can push back against the continuing farce that is the #USSmess. Chris

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USS Pension Update

Local Context Whilst we were on strike this month, the University of Kent rejected UCU’s proposal to stave off cuts to our pension pay-outs. This is the text of their rejection: Proposed Consultation Response – UCU proposal feb22.pdf Management’s response is clear: their financial mismanagement has led to the position whereby we must take a …

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Total Pension Loss Estimates

The USS issue is horribly complex, so UCU pension reps. have been trying to come up with illustrations to make it clearer. This graph shows that reduction in total pension is between 100k and 200k for people born around 1990. Further graphs, calculations and data can be found here.

USS Complaint Response and Legal Action

The USS has responded to our second stage USS complaint which we submitted on behalf of 3,383 colleagues from across the UK on 18th August 2021, which followed our first stage complaint submitted on 22nd January 2021. In their response, and rather than answering any of the questions, they closed our complaint because we have …

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USS Pension Update: Complaint to UUK

A complaint has been lodged to USS on behalf over over 3,000 UCU USS members in a letter that can be read here. The text below has been modified from an email sent out by Neil Davies, a member highly active in the USS dispute. The second stage of the complaints process should be passed …

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USS Update: HQ and UUK Surveys on USS Proposal

Short Summary (TL; DR) Please oppose Option A in the upcoming survey on the USS that management is about to send out. It involves huge cuts to pensions based on an unjustified and debunked valuation. Please complete the HQ survey (previously circulated by email) to indicate when would be the best time to take action as a …

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UCU and UoK Joint Statement Regarding the USS Trustee and Valuation

Lines dividing the UCU and UUK positions regarding the 2020 USS Trustee valuation are regrettably becoming clearer. In an email sent yesterday, Jo Grady wrote that, rather than attempt to pressure the trustees into reforming their reverse-engineered and unjustified valuation, UUK ‘is proposing massive cuts to USS members’ retirement benefits and is consulting [our employers] …

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USS Pensions Update

Overview The USS 2020 valuation is not fit for purpose, the governance of USS is not fit for purpose. The behaviour of the Pensions Regulator is at odds with its remit.  The situation has changed considerably since 2019 when UUK had ‘full confidence in the way the giant USS scheme was being run’ FT, July …

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