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”.
- USS have published the Universities UK (UUK) to the proposals
- UUK have published 5 ‘facts’ about the USS pension
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.