Proposed changes to the USS Pension Scheme

Most, if not all staff at the University of Stirling are now in the USS pension scheme, there are currently proposals to change the scheme from a Defined Benefit (DB) scheme to a Defined Contribution system (DC).  A DB scheme is predictable as it is based on a calculation related to your earnings. Under a DC system, your pension contributions will depend solely upon returns from the stock market on your “investment”.

The UCU are currently balloting for strike action and action short of a strike on this matter. They are currently the only union with representation on the USS board and the Joint Negotiating Committee (JNC)

This is a major change to you pension and according to the UCU website

UCU General Secretary Sally Hunt described this as, ‘the worst proposal I have received in twenty years of representing university staff’. Independent analysts First Actuarial estimate that on a like for like basis, UUK’s proposal would reduce retirement benefits paid by between 20% and 40%.  Since pensions are deferred pay, this represents a massive and unprecedented cut to your pay.