Pension scheme UCU update

By Klara Woxström 

On 5 October 2023, the University and College Union (UCU) and Universities UK (UUK) issued a statement of “collaboration towards scheme stability, USS benefit improvements and reduced contribution rates.” This entails that the UUK has agreed to reverse the 35% cut made to the Universities Superannuation Scheme (USS) and to restore pensions lost by 1 April 2024. 

The restoration to pre-April 2022 levels is worth between 15 and 17 billion pounds. Moreover, an additional one-off pension payment of around 900 million pounds to restore the money members have lost since April 2022 will be made. 

Since 2018, UCU members have taken 69 days of strike action in defence of their pensions, including 14 days in 2018 when the benefit element of the scheme was threatened and 55 days since 2019 in response to contribution increases and cuts in benefits. 

Hence, UCU General Secretary called the pension cut reversal a “historic victory” for the UCU. She further stated the union needs to continue working to ensure “justice on pay, working conditions and job security” and “create a higher education sector that properly values its staff and students.”

An LSE spokesperson told The Beaver, “Pensions in UK higher education are a sector-wide matter and as such LSE will follow the nationally agreed decision between UCU and UUK about the Universities Superannuation Scheme (USS). We welcome the positive developments reported, and remain strongly committed to constructive engagement with our local UCU branch on issues of shared concern.”

Moreover, the LSE UCU commented to The Beaver, “The UCU welcomes the restoration of our USS pension benefits, slashed by 35% in April 2022 following a dubious valuation of the pension fund in March 2020 amid the COVID-19 stock market crash. We are still working to ensure fair implementation. This fantastic win is thanks to the tireless struggles of UCU members, and the solidarity of students. But ongoing problems of 25% real-term pay cuts, rising casualization of university jobs, persistent gender and racial pay gaps, and intensifying workload continue to undermine the high quality teaching and learning conditions for which students pay so dearly.  UCU will continue to defend the conditions for academic excellence that students deserve.”

UUK has agreed to reverse pension cuts and restore pre-April 2022 levels

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