Agreement paves way for full restoration of USS benefits by April
5 October 2023
UUK has agreed to reverse the 35% cut made to the industry's Universities Superannuation Scheme pension and restore what has been lost.
In a joint statement, UUK and UCU agree to full benefit restoration to pre-April 2022 levels by Monday 1 April 2024, which is worth between £15 to £17bn, as well as an additional one-off pension payment of around £900m to help make good the money members have lost since April 2022. The agreement also paves the way for new contribution rates to be introduced as soon as January.
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