The USS consultation on reforms to the scheme begins today and lasts 60 days. We would encourage all members of the scheme (not only UCU members) to respond to this consultation and we are happy for our guidance to be used by anyone doing so.
There are template answers in guidance from UCU HQ here (pdf).
Keele UCU has put together a guidance document highlighting what we have identified as the 5 key issues. Please make these points where appropriate and emphasise them in any ‘additional comments’ boxes.
- The need for a more meaningful valuation method.
- The danger of the proposal to transfer the bulk of USS assets from equities into low growth investments, such as gilts.
- The absence of a justification for the proposal to introduce ‘individual defined-contribution’ pension funds for salaries above £55,000.
- The negative change in the value for money of the scheme.
- The negative effect on members in the ‘final salary’ section.
We have explanatory information on all five points with sources and further reading in the guidance document:
Print and post the flyer here to direct colleagues to K-UCU’s guidance document (QR code included):