USS pension reform update: revised proposal
Following more than a week of talks with independent dispute resolution service, Acas, Universities UK (UUK) and UCU have agreed a revised proposal for USS benefit reform.
This revised proposal is subject to consultation with their members by UUK and UCU, and subsequent agreement at the USS Joint Negotiating Committee (JNC), who have scheduled a meeting on Wednesday 14 March.
UUK is now in the process of consulting with employers who have a deadline of 2pm on 14 March to respond. UCU is meeting at a national level today to consider the proposal.
UUK is expecting UCU to suspend industrial action from Wednesday and the USS member consultation which was scheduled to start on 19 March has been suspended* awaiting the outcome of the JNC meeting to be held on 14 March.
If endorsed by all parties, which includes the USS Trustee and the Pensions Regulator, the revised proposal will be introduced as part of a three-year transitional arrangement.
More information about the revised proposal can be found on the Employers Pensions Forum website.
*Members and eligible employees recently received their individual consultation letter and notice, which refer to the previous proposal. Due to the developments above, that consultation process has been suspended while all parties consider the revised proposal. We will update members and eligible employees as soon as there is more information available. We and USS Trustee recommend that you retain your letter and notice.
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