Wide screen devices may view this page better by clicking here

8 September 2021

Facebook   Twitter

Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

University bosses push through pension cuts proposal

UCU members striking to fight pension cuts in 2018, photo Gary Freeman

UCU members striking to fight pension cuts in 2018, photo Gary Freeman   (Click to enlarge)

Bea Gardner, Socialist Party member in UCU

University bosses have pushed through their proposal to impose severe pension cuts to those in the 'USS' pension. At a meeting of the USS joint negotiating committee, the employers, represented by Universities UK (UUK), voted through their cuts with the support of the USS trustees and the independent chair.

Jo Grady, general secretary of the University and Colleges Union (UCU), has signified that the union is ready to embark on sustained industrial action in defence of members' pensions, telling members that strike action is now "inevitable". The leadership must now back up its words with deeds by allocating resources for the dispute, and building confidence that the leadership is prepared to see the struggle through.

UUK, which represents the vice-chancellors of universities in the USS, proposed the cuts to make sure workers in the scheme pay the cost of the deficit projected by the 2020 USS valuation. Under the bosses' proposals, the 'typical member' will suffer a 35% loss to their guaranteed retirement benefits, including their lump sum and yearly pension. Younger workers in the scheme will fare much worse than this.

The 2020 valuation date of 31 March 2020 has been widely criticised as it fell right at the start of the pandemic when the economic forecast was extremely unstable. USS assets have increased by 20 billion in the last few years, now valued at 80 billion, and the fund continues to grow, with contributions exceeding pensions. For example, in 2020, contributions exceeded funds paid out by 37%.

The union must fight this vicious attack, where the economic uncertainty of the pandemic is being used to slash members' benefits. Alongside fighting these latest attacks, a long-term solution is needed to resolve the persistent issues of flawed valuations, and mismanagement of members pensions.

The Socialist Party calls for the pension scheme to be run under the democratic control and management of the workers in it. That would end what has been a perpetual fight to defend USS from bosses' attacks, and would secure our pensions well into the future.

The next steps for the dispute will be formally voted on at an online special higher education sector conference on 9 September.

They will be ratified by a later meeting of the higher education committee.

Donate to the Socialist Party

Finance appeal

The coronavirus crisis has laid bare the class character of society in numerous ways. It is making clear to many that it is the working class that keeps society running, not the CEOs of major corporations.

The results of austerity have been graphically demonstrated as public services strain to cope with the crisis.

Inevitably, during the crisis we have not been able to sell the Socialist and raise funds in the ways we normally would.
We therefore urgently appeal to all our viewers to donate to our Fighting Fund.

Please donate here.

All payments are made through a secure server.

My donation

 

Your message: 

 


In The Socialist 8 September 2021:


NHS and social care

NHS and social care - make the rich pay, not the workers

Workers shouldn't pay for health and social care plans

End service cuts and care charges

Families demand rights for care home residents

Whipps Cross hospital workers reject the 3%


What we think

A pivotal moment for the trade union movement


Socialist Party news and campaigns

Socialist Party national council - members enthused by excellent in-person meeting

Why I joined the Socialist Party


Education

Union action needed to make schools Covid safe

Fighting NEU leadership needed to tackle school funding crisis

Schools funding crisis fails vulnerable children

University bosses push through pension cuts proposal


9/11 twenty years on

9/11 and the 'War on Terror' twenty years on


Workplace news

Bexley bin workers win big gains after six-week strike

Equity protest to save arts centre forces talks from Newham Council

DWP: Demand safe working and more jobs

DHL workers to strike against wage theft


Youth Fight for Jobs

Organising to defend our future: 9 October- Youth fight for jobs day of action

Building Youth Fight for Jobs in the South West


International news

Libya - ten years after Gaddafi's overthrow

US Supreme Court refuses to challenge Texas abortion ban

Keep fascists out of Portland: Build a mass movement to fight the right


Readers' opinion

The street I live on

Socialist change, not climate change

Vigil: A nuclear sub murder mystery


Obituary

Obituary: Roger Henshaw, comrade and class fighter


 

Home   |   The Socialist 8 September 2021   |   Join the Socialist Party

Subscribe   |   Donate   |   Audio  |   PDF  |   ebook






Related links:

University:

triangleUniversity workers ballot for strike action

triangleMore market chaos: York students given digs in Hull

triangleLots of sign-ups at freshers

triangleSunak's student special

triangleScrap tuition fees - end university marketization

Pension:

triangleNews in brief

triangleArcadia and Debenhams closures: Nationalise to save jobs and pensions

triangleFighting for over 250 jobs that are under threat at the Wales Millennium Centre in Cardiff. Photo M Kamish

triangleTory think tank proposes attack on pensions

PUSH:

triangleWhy I joined the Socialist Party - a nurse

triangleBig push to hit finance target

triangleBosses push to lift lockdown - they only care about profits

Cuts:

triangleFighting the cuts at the ballot box in Liverpool

triangleNorthampton People's Budget - cuts and privatisation is a failed strategy

Pensions:

triangleUnite young and old to defend the pensions triple lock

Union:

triangleNapo AGM 2021: Union placed on war footing

Article dated 8 September 2021

Join the Socialist Party
Subscribe to Socialist Party publications
Donate to the Socialist Party

MEMBER RESOURCES

Pay in Fighting Fund

Pay in paper and book sales

Leaflets

Bulk book orders

New member submission

WHAT'S ON

triangle27 Oct Hackney & Islington Socialist Party: What is fascism?

triangle28 Oct West London Socialist Party: The legacy of the collapse of Stalinism

triangle28 Oct Hillingdon Socialist Party: The ideas of Leon Trotsky

More...


The Socialist, weekly newspaper of the Socialist Party

Subscribespacer|spacerebook / Kindlespacer|spacerPDF versionspacer|spacerText / Printspacer|spacer1152 onlinespacer|spacerBack issuesspacer|spacer Audio files


In a world facing crisis on every front, discussion on how socialist ideas can change the world is more necessary than ever. Buy a ticket now for the Socialism 2021 weekend, 19 to 21 November.

What We Stand For
Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube

Platform setting: =

Desktop version