UCU welcomes “landmark” pensions report

The UCU has welcomed the first report from the Joint Expert Panel (JEP) looking at the Universities Superannuation Scheme 2017 valuation.

The JEP was set up by UCU and Universities UK following the industrial dispute over Universities Superannuation Scheme (USS) pensions.

UCU general secretary Sally Hunt said: “It has been a longstanding objective of UCU to secure an independent assessment of the valuation and this first report is a significant landmark in our ongoing campaign to defend members’ pensions.

“This is a substantial piece of work and we hope that all parties will engage seriously with the report’s findings. We welcome the JEP’s proposal that the valuation should be adjusted and are also encouraged that the panel now wishes to look in detail at alternative methods for future valuations.

“There is no doubt that we have come a long way from this time last year when we faced plans to impose a defined contribution benefit package that would have seen some members lose around £200,000 in retirement.”

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