A Universities UK spokesperson said: “We are pleased that the Joint Negotiating Committee (JNC) has today put forward a reform proposal to the USS Trustee Board to address the scheme’s substantial deficit as at 31st March 2014 (the most recent valuation date). This proposal received the support of both Universities UK and UCU at the JNC. This outcome follows more than a year of constructive discussions and negotiations to develop a viable joint proposal.
“The importance of maintaining an attractive benefits package is a view that the employers share with scheme members. Given that it is unavoidable that a recovery plan has to be agreed with the Pensions Regulator that would address the substantial scheme deficit over a reasonable period, the joint proposal for reform will mean that we can continue to offer an attractive and affordable pension scheme.
“The JNC proposal for reform is subject to a statutory consultation with relevant employees which will start in March 2015.”
An overview of the JNC proposals for reform is available at www.employerspensionsforum.co.uk
An online benefits estimator is currently available at www.benefitestimator2015.com to allow scheme members to estimate their potential future pension benefits under these reform proposals.