Update on Universities Superannuation Scheme (USS)
In recent months USS members and affected staff have been consulted on the proposed reforms for pension benefits building up from 1 April 2022, noting that benefits up to this date are unaffected. .
Recently, UCU offered a number of counter proposals which we were unable to support, primarily because the proposals would require member contributions to increase to 11% from 1 April and increasing every six months thereafter and eventually reaching 13.9% by 1 April 2024 if a new valuation (which USS had not committed to) was unable to indicate a better outcome.
We did not believe that it is fair on staff or employers to make such a commitment at such short notice.
We aim to provide a more detailed update in the coming days.