It’s not a final salary scheme any longer: that was closed to new members in 2011, and all members in 2016. It’s a defined benefit scheme now, with a cap at £55,000.
With the severe cuts to pension income which are being proposed, our employers run the risk of totally undermining the sector. It is seen as deferred pay, as UK academics are - compared to many European, North American, and Australian counterparts - “underpaid,” and the solid pension was always signalled as compensation in recognition of this. All this despite the fact that the UK seriously punches above its weight internationally despite being less well-funded than international competitors.
Most university academics are highly qualified, holding at least 3 degrees, and earn (often significantly) less than comparably trained professionals. Again, most accept this in part because the work done is highly vocational, and there was the promise of a secure retirement.
I was offered several jobs in the last year of my PhD, all earning more than I could earn even if I became a Professor. I chose to stay in academia because I love teaching and research, and because I thought I would have a decent retirement.
If I could turn back the clock I would tell my younger self to take the job. And I have vowed not to encourage any bright student of mine to enter academia in this country: better they seek more rewarding work elsewhere, or else trade their skills for their worth on the marketplace as I now bitterly wish I had done. If these cuts go ahead under the current proposal, there is almost certain to be a brain-drain from the sector as people choose to go abroad or not to enter the profession at all.
I am profoundly disillusioned and demoralised by all of this, and looking for ways to get out and increase my earning potential in order to provide for myself in the future. I’m sure I’m not alone.
The future for universities is an academic population composed of either a minority of religiously dedicated individuals who can’t imagine doing anything else and will accept the poor terms, etc (obviously our employers are banking on this), or, more worryingly, a much less competitive workforce of weaker candidates which will have serious consequences for the quality of research and teaching.
Oxbridge are pushing for these cuts, as a PP has said, and they have historically low membership of UCU (the striking union). In large part this is because a lot of Oxbridge academics are heavily cosetted from the realities of teaching outside their walls: in my subject, my counterparts in Cambridge do about 1/3 of the teaching I do at another (Russell Group) university; they also earn more than their counterparts in other universities (the Oxford collegiate system), or top up their salaries by thousands of pounds every year by supervising (so they are paid a basic salary like academics across the country, but earn between c.£25-40 an hour for every additional hour of supervision they do). Plus many colleges offer other financial incentives and perks.
I know that there are people reading this post who are thinking, “who cares?” as they earn less or don’t enjoy their work, etc. That’s fine, I get that. But a strong and flourishing university sector is a vital part of a successful culture and economy and devastating this will have wide-reaching consequences. People who dismiss this strike as the unreasonable demands of a privileged group better be careful what they wish for.