UK - A report on the future viability of the Universities Superannuation Scheme (USS) has called for a shake-up in the way the scheme is funded and could result in sweeping changes.
The report, commissioned by Universities UK, UCEA and Guild HE, called for a “greater degree of risk sharing” between employers and members and said that members should be prepared to pay more towards the cost of their retirement benefits.
In a statement, the University and College Union (UCU) warned that any attempt to shift risk onto members would be viewed as a material cut in member’s pay and conditions.
It reiterated its support for the USS as it currently existed, adding the scheme had “served the sector well since its inception in 1974.”
In September, Global Pensions reported the £30bn (US$60bn) USS fund has instigated a commission recapture programme to make savings of up to £750,000 ($1.5m) a year on behalf of its 220,000 scheme members.
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