USS pension consultation ends 22 May

If you are a member of the USS pension scheme, you will be aware that we are in the middle of a statutory 60-day consultation on major changes to the scheme’s structure. We would like to point you to resources which could help you to make a submission.

– UCU have provided sample responses to the questions you will be asked. These might help you gauge the issues and construct your response.

– Sheffield UCU has created a webpage on the background to why these changes are being implemented, with links to further reading.

– The University of Sheffield is running briefings on the changes; details of upcoming briefings and slides from the presentation are available below.

– You complete your response to the consultation through the USS consultation webpage.

Finally, if you use the pension modeller on the USS consultation webpage, we recommend
– changing the salary increases setting to 3.5% (to approximate RPI, which matches historical salary growth) or 4.5% (to approximate the figure used in the calculation of the deficit);
– adding best estimates of promotions.
This is necessary to see the potential impact of the changes to pension benefits. Note that no forecast can ever be certain.

We hope you find the information above useful. Sheffield UCU will be providing a response to the consultation in conjunction with the other campus trade unions (Unite and UNISON).