“Staff need to decide if they want to pay much more – tens of thousands of pounds over a lifetime – to maintain benefits or continue to pay the same rate and accept moderate benefit change, which UUK has proposed.”
“UCU should also be honest with USS members about the severe implications – including job losses – of employers paying much higher contributions.”
As reported by FTAdviser, the USS has been a source of controversy for many years, with questions arising about its valuation methodology and governance.
For example, in 2019, analysis conducted by First Actuarial showed that a typical member would pay around £40,000 more into their pension since the 2011 changes to the USS.
However, they would receive almost £200,000 less in retirement than a hypothetical member who joined in 2011 on the same conditions but had not been affected by the changes.
simoney.kyriakou@ft.com
