UK - Employer and employee contributions into the University of Cambridge Assistant Staff Pension Scheme are set to soar.
Employee contributions will rise from 1% to 6% and employer rates will increase from 1% to 16.5% after a valuation report showed that the scheme had gone from a surplus of £68m in 2000 to a deficit of £17.6m last year.
In total, the university and other employers in the scheme – including Cambridge University Press, Varsity Publications, UCLES Group, Fitzwilliam Museum, Cambridge University Rugby Football Club and Cambridge Crystallographic Centre – will make a capital contribution of £12.1m to cover the liabilities.
But the university came under fire from its Board of Scrutiny which claimed the shortfall should have been picked up earlier and the changes to the contribution rate could have been handled better.
However, a spokesman for the university said members had been repeatedly told that contributions could go up if there was a change in funding position.
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