Is the movement on pensions or pay?
I mean this is what we’re looking at in terms of pensions:
A person on a salary of £50,000 will lose £2098 in pay from 22 days of striking.
There can’t be a long term or indefinite deal on pensions at this stage because another valuation is due later this year. You won’t get an employer to commit to a long term figure when it doesn’t know what the valuation will say.
The difference in pay between paying 9.6% and 8% for someone on 50k is £46 per month loss of net salary. It will take 45 months of that to recoup the loss from the strike. You’re only looking at getting an agreement to freeze contributions until maybe 2021, not nearly 4 years. The USS offered 9.1% in September but it was never put to the union members.
I guess the answer is what, realistically, are you hoping for in terms of a pensions offer, bearing in mind that an upcoming valuation is likely to move the goalposts and require new negotiations?
And how much further strike action are you prepared to take if this round is unsuccessful?
Finally, bearing in mind that pension contributions are an expense for the employer and they are also facing a hike in contributions, what incentive is there for the employers (rather than the scheme itself) to seek a higher overall rate of contributions, as UCU seems to think is the case. Wouldn’t the employers have been pushing for a lower overall rate of contributions, as it will keep their bill down?
If you’re in doubt, this is so different to the 2018 strike which was a proposed move from DB to DC which would have cost most people tens if not hundreds of thousands. This is not what the current pension dispute is about.
But I’d be interested to hear about the movement in the negotiations.