USS

[Nowconcerned]

Hello, I've just received information about the USS statutory consultation. Obviously welcome news that USS benefits may be rising / costs reducing for both members and employers, but wondered if anyone had got to grips with the detail of this and had any thoughts? I am not a union member.

Following with interest

I'm particularly invested as I'm only 5 years from retirement. I am however more likely to be able to sequence my own genome than understand the nuances of the USS pension improvements in the consultation. Essentially I want to know how much less I will pay and how much more I'm going to get

I'll have a look at this when I get a chance (but maybe not till early November, start of term is a busy time for me) and report back. I think its case with the consultation of working out which are the priorities (e.g. higher salary threshold, better accrual rate, more interest protection). I think I am most concerned about the last, but if I was younger I would be thinking about the accrual rate.

Hoping someone like Mike Otsuka will have a commentary! I'm hoping they will compensate for losses since the last one- I can see from my statement that my DB section is now accruing at only £400 ish a year which is a shocker. Doesn't help that anything invested in the DC funds instead has lost money.

The UCU message advises yes to all of it but also push for a restoration of the soft cap - so that if official changes to pension are over 5%, the increase should be (if 5-15%) 5% plus one-half of the percentage increase above 5%, (if over 15%) - 10%.

Useful Twitter thread here by Mark Taylor-Batty explaining what they achieved in the negotiation::
https://twitter.com/cupofassam/status/1709925900303950135?t=paOMzQkZVLFjFDSfMPMgBg&s=19