VCs misled over pension cuts by UUK, new data shows
29 November 2021
UCU says employer body Universities UK (UUK) stands accused of 'seriously misleading' vice chancellors over pension cuts which it had claimed would only amount to between 10% and 18%.
A modeller recently released by the Universities Superannuation Scheme (USS) indicates that cuts to guaranteed, defined benefit pensions built up in the future would amount to 41% for a USS member earning around £39k, a typical lecturer salary.
Overall, once the non-guaranteed, defined contribution element of the scheme is taken into account, the same member would lose 31% of their annual pension when they retire, which would worsen to 36% after 20 years in retirement.
In a letter to UUK chief executive Alistair Jarvis, UCU has said a clarification must be issued to vice-chancellors at every institution it represents.
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