UK universities have expressed “near unanimous” support for reversing cuts to the sector’s biggest pension scheme and have urged fund managers to “fast-track” lowering contributions and restoring benefits.
Earlier this year, the Universities Superannuation Scheme (USS) said its improved financial position meant that member benefits could be restored to pre-April 2022 levels at the same time as lowering employers’ and employees’ contributions from the current level of 31.4 per cent of salary to just 20.6 per cent.
Vice-chancellors had pushed through cuts to benefits in April 2022 amid warnings that the fund faced a multibillion-pound deficit, triggering long-running industrial action – but the USS is now projecting a £7.4 billion surplus.
Responding to the USS’ consultation on the proposals, Universities UK says its members had “expressed near unanimous support” for lowering contributions and restoring benefits.
