UK - A consultation on proposed changes to the Universities Superannuation Scheme is expected to start in late September, following the scheme committee's decision to accept a range of reforms.
The USS Joint Negotiating Committee accepted the reforms on July 7, which included the switch to a Career Average Revalued Earnings (CARE) structure as part of a set of proposals to help recover the scheme's £17bn deficit (PP Online, July 8).
These reform proposals will now go before the USS trustee board on July 22. If the board approves, the scheme would require employers to undertake a consultation with active and eligible members of the scheme in their employment.
The Employers Pensions Forum said the consultation - which is expected to run from late September until early December 2010 - will be a "massive process," with around 400 employers, 130,000 active members, as well as eligible members needing to be covered.
EPF consultant Tony Bruce said: "It is expected that because of the size and volume of this exercise, the process would be undertaken by the employers in conjunction with USS, and would include a range of communications.
"Once the results have been analysed they would then be referred to the USS Board for consideration."
Bruce added: "It is clear that this is a massive, complicated exercise to which considerable resources will be devoted to ensure that every individual member has an opportunity to express a view on the proposed changes.
"The results of the consultation will be carefully considered by the USS Board before changes are finalised".
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