Q and A for Pensions and USS, Goldsmiths, University of London

Imagebar

Home > Departments > Administration and support > HR > Pensions > Q and A for Pensions and USS

Q and A for Pensions and USS

One of the major benefits of working in HE is a high quality pension scheme package – is this being taken away?

Why are changes being considered now?

Is doing nothing an option?

Won’t employers pay the increases?

The recession won’t last forever so shouldn’t we just wait and see?

Longevity is an issue but there are rumours that life expectancy is going to start falling again because of our unhealthy lifestyles. Is this true?

I’m due to retire soon – is all of this of particular concern to me?

Are HEIs using the recession as an excuse to reduce the amount they pay into the scheme?

What happens next?

Is there a ‘black hole’ is there in the scheme’s finances?

Are the employers planning to take money out of the scheme?

The Teachers Pension Scheme still operates on a final salary basis. Why won’t this work for USS?

Is this the beginning of the end of the final salary scheme?

What is mechanism and timescale for any changes?

How have we got to this serious position in the first place? Is poor judgement to blame?

The final salary scheme is a part of the package of benefits that attracts people to work in the HE the sector and encourages them to stay. If we get rid of it we could lose our highest calibre staff with a detrimental effect to learning.