UCL-UCU: *reminder* General Meeting Tue, 21 Dec, 1-2 pm - update on USS + re-ballot

In this message we briefly summarise the union’s USS demands, set out the industrial action ballot timetable and share the link to order a replacement ballot paper.

1) Our demands on the employers

UCU's demand to the employers is simply to withdraw their proposed changes to the scheme (which would take place from April next year) and agree to a new and mathematically defensible valuation.

If they proceed with their programme of cuts, we will hold the universities liable.

Were UCU’s demands to be met, it would mean the status quo would prevail for another year (at least). Our contributions would rise from 9.6% to 11% in the short term, but this is far better than the alternative: a catastrophic cut in pension benefits, which will have the greatest impact on our youngest members. These cuts are of the scale of 40% per year, according to USS’s own benefit modeller.

Unfortunately, as the graph by Sam Marsh and Jackie Grant below illustrates, USS and the employers are fitting the valuation to a desired outcome. Faced with a rise in asset prices of £10bn, USS simply assumed that their future value would not rise with CPI at all - in complete contrast with the scheme’s historic performance.

Why are the employers promoting this model? They wish to avoid the increase in employer contributions from 1 October 2021 that they previously agreed, and imposed on us, in 2018. As the Vice Chancellor of the University of Edinburgh remarked, not paying for this increase has generated a “windfall” for employers.

Click here to read more about our action for USS.

2) USS re-ballot update

If you have not yet received a ballot paper (or have mislaid it), please order a replacement ballot paper. Every ballot paper is indexed so you can only vote once.

If you received a ballot paper, you are entitled to vote. Please vote even if you are about to retire or are not currently a member of USS (as you may join in the future). Colleagues who are working at UCL and able to take industrial action within the six months following the close of the ballot are entitled to vote.

Please post your vote as soon as possible to avoid any problems with the Christmas post, and no later than Tuesday 12 January 2022 (the ballot closes on Friday 14 January 2022 at 12 noon).

Look out for a survey reminder later today (from Survey Monkey), please take a moment to respond and let us know if you have voted.

We wish colleagues a safe and restorative break over the holiday period.

UCL UCU Executive Committee

@ucl_ucu

UCL UCU

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