Imperial College London

Imperial and local UCU branch jointly call for new approach to USS pensions

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Building with large 'Imperial College London'

Imperial and the Imperial College UCU have called on parties to work together to find alternative approaches to USS.

The statement, agreed on Friday 17 December, calls on the University and College Union and Universities UK to return to negotiations and to join forces to explore ways to give long-term stability and viability to the USS pension scheme. 

The statement reads: “Imperial UCU and College are united in our belief that a contribution rate of 25-30% of salary should be sufficient to secure a good pension for staff who are members of USS, and that the USS trustee's current approach to risk makes it difficult to obtain good value for money. 

“We acknowledge that the current UUK proposal for reform places a greater burden on members with a cut to future defined-benefit pension and a reduction in take-home pay due to increased contributions, and that this jeopardises the scheme remaining attractive both to new and current members. We also recognise that a sustainable and long-term vision for the future of our pension is essential and will only be possible if all parties work together towards a common goal.” 

The statement calls for: 

  • UUK and UCU to return to negotiations.  
  • UUK to confirm that the same covenant support will be sought for all proposals, whether originating from UCU or UUK.    
  • The national UCU to submit an updated proposal on the basis of this support to be costed as a matter of urgency. 
  • UUK and UCU to join forces and create a well-resourced working party to explore the feasibility and promise of alternative approaches that will give long-term stability and viability to the USS pension scheme. There is urgency to this matter and we strongly suggest that such a working party should be set up and start work within a two-month timeframe.  We agree that conditional indexation, or alternative scheme designs, could make it possible for USS to continue as a collective, mutual, multi-employer scheme with an ability to invest for the long term in growth-seeking assets. 

Read the full statement on our webpage

Reporters

Deborah Evanson

Deborah Evanson
Communications Division

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Tel: +44 (0)20 7594 3921
Email: d.evanson@imperial.ac.uk

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Elizabeth Nixon

Elizabeth Nixon
Communications Division

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Contact details

Tel: +44 (0)20 7594 6699
Email: e.nixon@imperial.ac.uk

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