The UCU General Secretary has confirmed fears that UUK are proposing to end the current defined benefits scheme in favour of a defined contribution scheme.
Such a move will make your benefits entirely subject to the vagaries of the fund’s performance on the stock market, and of course the skills of the fund manager. You will have no way of knowing what your pension is worth; planning your future will be significantly more difficult as a consequence.
Colleagues will be aware that a recent poll of members indicated that there was significant support for industrial action in the face of suggestions that benefits might be cut if neither employers nor employees were prepared to increase contributions. Even this was based on what we contend is a flawed “stress test” required by the pension regulator.
This proposal from UUK is far worse than even that scenario however.