Today, a consultation launched by the USS Trustee shows that the scheme is on track for full restoration of pension benefits by April 2024, which follows cuts that were imposed on staff in April 2022.
Figures included in the consultation demonstrate that not only can pensions cuts - which saw members lose on average 35% from their guaranteed retirement income - be restored, but that the contributions members are required to pay into the scheme can be reduced.
The turnaround is a vindication of UCU's position that the April 2022 cuts were flawed, unnecessary, deeply irresponsible, and demonstrates that UCU members were right to fight and take strike action to protect and win back their pensions.
Today's valuation confirmed that scheme's surplus is now valued at £7.4 billion, and that the current high interest rates mean the cost of restoring benefits in full requires an overall contribution rate of approximately 20.6%. Importantly USS also addresses future valuation cycles showing stability can be achieved with joint contributions of 26%.
