UUK is now consulting with Universities Superannuation Scheme (USS) employers about a revised mandate for a forthcoming Joint Negotiating Committee on Wednesday 14 March.
USS is one of the largest private pension schemes in the UK and is the principal scheme for academic and comparable staff in UK universities and other higher education and research institutions. Universities UK is representing the views of more than 350 higher education employers on USS reform proposals.
USS has a £6.1 billion deficit and a significant increase in the cost of future defined pension benefits of more than one third since 2014. A plan to reduce this must be submitted to the Pensions Regulator by 30 June.
USS is governed by a clear set of scheme rules. The Joint Negotiating Committee decided upon benefit reform changes on 23 January 2018. The JNC brings together an equal number of representatives from Universities UK and the University and College Union. The JNC has an independent chair who oversees discussions between employer and member representatives, and can choose to cast a deciding vote if agreement between both parties cannot be reached.
Talks between UUK and UCU began at Acas on Monday 5 March 2018 following discussions that started in January 2017.