The UCU@UEA branch committee has written urgently to Vice-Chancellor David Richardson today. Our email is below.
We urge all members to sign the UCU national petition to save our pensions: https://t.co/UOvsTctBRR
In solidarity,
UCU@UEA branch committee
Dear David,
We are writing to request that you urge your representatives in Universities UK to revoke their unnecessary cuts to the Universities Superannuation Scheme (USS) due to take place tomorrow Friday 1st April, in light of the recent USS Financial Monitoring Plan (FMP), which shows that the scheme is financially healthy, and to instruct USS to implement UCU’s proposals as the most sensible short-term solution ahead of a new valuation.
Growth in the scheme’s assets from £66.5bn in March 2020 to £88.8bn at the end of February 2022, has outstripped growth in liabilities, meaning that the required deficit recovery contributions now stand at 0%. The strong financial position of the scheme, as reflected in the new FMP, demonstrates that UEA and other USS institutions will be paying out huge sums of money to redress a deficit that does not exist. In UEA’s case this sum appears to stand at £7.3 million per year.
If the cuts to guaranteed retirement income in USS come into force and are not reversed, they will not only entrench deep inequalities in our sector but threaten its future. For many of our members, a good pension was a saving grace in the face of erosion of pay and working conditions. Sadly, we were therefore unsurprised that UCU’s recent survey showed 60% of staff planning to leave the sector in the next five years over these pension cuts.
Neither you nor any other institution in USS should be wasting money on a non-existent deficit. By pushing for UCU’s proposals to be tabled and passed — as the best solution while the union and UUK work together to press for a sensible, moderately prudent valuation — you will be protecting the pensions of your staff, who are, after all, the single most important resource for a university.
Our members are already profoundly dejected by the attacks on pensions and pay, and as staff surveys continue to demonstrate, morale among UEA staff is at an all-time low. If UUK presses ahead with these cuts after they have been decisively shown to be completely unnecessary, it would be an unforgivable betrayal.
Please do everything in your power to urgently pressure UUK to change course.
Yours sincerely,
The UCU@UEA Branch Committee