USS Pensions Proposals - 27 May 2011
The proposed changes to the USS, revised following last year’s consultation exercise, were considered by the USS Joint Negotiating Committee at its meeting on 10 May.
The proposals were approved at the meeting, although the independent chairman, Sir Andrew Cubie, did have to exercise his casting vote. In a statement, Sir Andrew said “Whilst I was pleased that the meeting was once again quorate, I was deeply disappointed that the employers and UCU were not able to reach agreement on these important issues. In these circumstances I was again obliged to exercise my casting vote on proposals which I believe will help to ensure the long-term sustainability of USS.”
The proposals will now be considered, in the form of a draft deed, at the USS Board meeting to be held on 9 June. Following this meeting it is expected that an implementation date for the changes will be announced. Whilst not yet certain, it is expected the implementation date will be 1 October 2011.