USS under threat again - Extraordinary General Meeting, 1-2pm, Thu 11 Mar

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This is to discuss the very real and present danger of USS Ltd undermining our pensions with an even more aggressive attack on member benefits and contributions than in 2017, by pricing people out of the scheme.

On Wednesday, the Provost wrote to warn that the latest USS valuation is threatening to make the scheme unaffordable. The employers’ UUK response to USS 2020 valuation report says:

“The very high prices for current benefits put forward by the USS Trustee are unaffordable for employers, risk pricing even more staff out of the scheme, and undervalue the collective and enduring financial strength of the participating employers.”

Yet the scheme is in £70bn+ surplus. Covid-19 has not placed the USS in crisis.

First Actuarial's USS analysis for UCU in 2017 identified that if no changes were made to affect income, projected expenditure on pensioners would be stable against income for the subsequent 30 years (income = expenditure), so pensions could be paid barely touching the assets.

We believe these changes are unnecessary and must be stopped through collective action, as we stopped the destruction of our pension scheme in 2018. 

Please join our meeting on Thursday, which will also be an opportunity to discuss other matters of local concern.

UCL UCU Executive Committee