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Latest pension data confirms university staff on course for historic win

18 May 2023

The latest monitoring report from the Universities Superannuation Scheme (USS) trustee shows the cost of restoring benefits is estimated as just 21.8% of salary with the scheme showing a £7.6bn surplus.

The report is the latest confirmation that benefits are set to be restored after UCU members voted last month to overwhelmingly accept employer commitments to prioritise pension restoration.

In April 2022, employers cut the guaranteed future retirement income of the average scheme member by 35%. 

University employers had repeatedly tried to claim that benefits could never be restored and that any future improvements would be unaffordable. But sustained industrial action by UCU forced employers to accept that restoration can be achieved by April 2024.

UCU general secretary Jo Grady said: 'This latest report confirms we are on course for the biggest pension win in UK trade union history. Well done to every single member who voted for strike action and stood on the picket line in their tens of thousands, this is your win. We were told it was impossible to take back a stolen pension but we are now on course for a historic victory that will send shockwaves through the workers movement.' 

Last updated: 18 May 2023