Last week, the Universities and Colleges Union (UCU) announced that the recent joint proposal, developed in respect of the Universities Superannuation Scheme (USS) pension reforms had been approved by its members.
The University has now been informed that the USS Joint Negotiating Committee (JNC), which met on 29 January, formally agreed the joint proposal. Further information about the proposal and the next steps in the consultation process has now been released to employers.
This is a very positive outcome, following extensive negotiations, and means that the USS can continue to be an attractive and affordable pension scheme for current and future members.
The agreed proposal is the same as the draft shared on 15 January. An overview of the proposed reforms is available here. The proposals will now be subject to statutory consultation with employees who are members of USS. It will commence in March 2015 and continue for at least 60 days
An updated set of “Frequently Asked Questions” has been produced and is available here. There will, of course, be detailed questions which, as yet, do not have answers. Universities UK and USS will provide further clarification regarding the proposals in due course.
An online benefits estimator is now available at www.benefitestimator2015.com which allows scheme members to estimate their potential future benefits under these reform proposals.