This information was emailed to USS members at Cambridge on 9 July 2021 via the USS bulletin
In its response to a recent short consultation from UUK, the University has indicated that it would accept additional measures for covenant support requested by USS.
While supporting these measures as a means of reducing costs for employers and members, the University’s position remains as articulated in its comprehensive response to the main UUK employer consultation: we believe that, while UUK’s proposal is better than that made by USS, it would still result in a significant decrease in benefits and, if it must be implemented, should be in place for the minimum amount of time possible. We believe that 25-30% of salary should be sufficient to support a good pension and urge USS, UUK and UCU to move rapidly to implement governance reform and explore alternative scheme designs (such as conditional indexation) in order to provide a scheme that is more sustainable and better value for money for members and employers.
Further details of the University’s position were covered at the recent open meeting, which is now available to watch online.