Fact 1

It is NOT a final salary scheme. It used to be up until 2016 when our employers voted to change it to an inferior Career Averaged or CARE defined benefit scheme for salaries below 60k and Defined Contribution above.

Fact 2

It is NOT paid for by the taxpayer. Unlike the TPS or other local government schemes government backed schemes it is paid for by members who pay almost 10% of salary and employers who defer another 21% of salary into the scheme.

Fact 3

In addition to being cashflow positive: current payments into the scheme exceed outgoings to current pensioners, the scheme holds substantial assets. These have increased recently. The USS estimate the deficit has dropped by about £12bn to around 3bn.

Fact 4

Through strike action in 2018 we fought off an attempt to close the defined benefit (DB) part of the scheme and turn it into an entirely (DC) scheme. As a result of that action USS members will get 3 more years of DB = 1/25th of salary p/a in retirement.

Defined benefit (DB) = you know what you get.  Currently retirement income = (1/75th salary x yrs paying in) p/a

Defined contribution (DC) = you know what you pay in into a savings pot which can be used to buy an annual income on retirement. The risk sits with the member.

Fact 5

We are again fighting against cuts to our pension. Cuts to the accrual rate, inflation protection + the salary cap could see members lose 35% of future pension. UCU represents all USS members. When UCU members strike for your pension they lose 100% of wages.

Fact 6

Pensions are not a gift. They are our deferred wages. We earn them. A cut to our pension is a wage cut.

Join UCU​​​​​​​. Join the fight for your retirement.