The latest figures from USS show a £1.8bn surplus at 30 June 2022, up £15.9bn barely 18 months on from a £14.1 deficit in March 2020.

The 2020 valuation which was used to justify pension cuts of up to 35% of future guaranteed income was undertaken just as the markets crashed because of the Covid-19 pandemic.

UCU have always argued that the scheme was in strong position with excellent long term prospects. We have been lied to, and to add insult to injury it has also been revealed that USS have paid £108,000 in performance bonuses to chief exec Bill Galvin this year on top of his staggering £480,000 salary.

We wait now to see if UUK and the vice chancellors will withdraw these cuts and give staff their deferred wages back.