We are aware that recent proposed changes to the USS Pension may be difficult to digest. Our National Pensions Official visited our Branch last Friday and plainly outlined some of the issues. You will also have received an all-staff communication from the University today on the current UUK proposal:
UUK proposed that for future service the current hybrid scheme salary threshold will be modified so that there is no further defined benefit accrual. Instead, it is proposed that there will be a “market-leading” defined contributions scheme (through the USS Investment Builder) for all members.
To be very plain, the employer offer currently on the table is to move USS from a defined benefits scheme (determined and guaranteed by your ‘career average’ earnings) to a defined contribution scheme (where your money is no longer guaranteed, but dependent on the stock market investments at the point at which you retire). This means that the employers are intending to move all risk on to you as an employee.
We will also be collating and anonymising your USS related questions for our National Pensions Official to answer, so please forward any queries that you may have to: firstname.lastname@example.org
UCU will be balloting formally on this issue very shortly, please read UCU updates as they arrive so that you are prepared and informed. Surrey UCU will keep you as up to date as possible.