The upcoming strikes

[mrsrhodgilbert]

I have a dd in her third year at a university where there will be strike action for the next four weeks starting on Thursday. I've only been aware of this for a few days and I've seen nothing about it in the press. Dd doesn't yet know how it will affect her, she has one lecturer who covers her two modules this term and hasn't asked her if she will be striking. Literature from the university says they can ask their lecturers if they will be striking but the lecturer doesn't have to answer, so all a bit uncertain.

I'm just interested to know what your dc have been told if anything and what might happen re completing final modules without teaching and indeed if final exams could be cancelled. In that case what would happen?

[andhardlyanywomenatall]

Very interesting about the valuation issue and good for you TalkinPeace for changing your position.

We are affected (DH)

I think that academia is an amazing and pretty luxurious career IF you can get a permanent position and professorship. £70k in the regions with good job security is a sweet sweet deal and a career average pension makes it better still. The idea that people in the private sector get more is ludicrous unless you are in London. Junior partners in law firms earn £65-70k and work harder round here.

My feelings are stronger about the use of fixed term contracts. And not promoting women.

As to the valuation, I don’t know! It’s a technical point. I hope the Union is right and makes progress.

[andhardlyanywomenatall]

We have heard the same thing about the role of Oxbridge btw

I wish I understood the accountancy issues better.

[TalkinPeace]

Re Pension schemes in deficit
Most of them are.
Its nothing that cannot be sorted with a bit of adjustment to contribution rates by employers and employees.
The University scheme has a deficit of around 17%
which in an industry that is not in decline
is a bit of a drag
but NO REASON to close the scheme.

The Union are wrong to question the deficit valuation basis : it is absolutely correct
BUT
THe Universities are very wrong to force all staff to switch to DC

On one of the threads I suggested a method to limit the DB part of the scheme to protect the most needy, save the scheme and settle the strikes

but as it would leave the core liability on the Universities balance sheets, those who want to leverage themselves SUCH a stupid thing to do IMHO would not be able to.

[andhardlyanywomenatall]

Are you an accountant talkin?

[TalkinPeace]

Yup
and an employer in an LGPS scheme - so I'm used to reading Pension scheme annual statements and attending the contribution meetings

[BubblesBuddy]

The lecturers could always take out private pension schemes and get into the unprotected real world of pension schemes! It’s easier to ask their students to pay 30/40 years down the line.

[andhardlyanywomenatall]

Ah, so you know what you are talking about.

Dropping the dB from £55k to zero in one fell swoop is awful.

It should stay for £20/30 k

[SoupyNorman]

It is a private pension scheme.

[Squirrills]

DS has had several lectures, labs and tutorials cancelled so far. The lectures on 2 modules to be in exams in summer.

[TalkinPeace]

Soupy
It is a private pension scheme.
And ?
Its a funded DB scheme invested in the stock market with employed advisers and stakeholder trustees and it reports under IFRS
exactly like the LGPS

The only minor difference is that the accounting standards of the Universities require them to disclose their share of the deficit on their balance sheets

but otherwise the University Scheme and the Carillion Scheme and the LGPS are exactly the same
just that the Carillion Scheme is bust
whereas the others are merely in deficit

[titchy]

I think soupy was responding to bubbles' suggestion that members joined a private scheme...

[SoupyNorman]

That was in response to Bubbles.

I’m pleased you’ve changed your mind partly, Talkin, although I don’t share your view on the valuation. In any case, most employers were happy with the current level of risk - USS went with the 42% minority view on that (and it seems certain that figures were massaged even to get to that 42%).

[TalkinPeace]

Ah, sorry, did not realise that Bubbles had forgotten that although University staff are technically private sector where the pension is concerned,
they magically become public sector when the government imposes a pay cap

[TalkinPeace]

soupy
The valuation method is standard.
The actuarial approach to deferred and dependent members is standard.
The actuarial approach to life expectancy is standard
and thus there is a deficit.
But not an insurmountable one.

[SoupyNorman]

Pay cap? What are you talking about? The government doesn’t have anything to do with setting our salaries.

[titchy]

Technically charity sector - most of us anyway.

Sorry pedantic

[SoupyNorman]

First Actuarial have produced a very different valuation.

[TalkinPeace]

soupy
Then where did the 1% salary cap common to many campuses come from ?
Why have lecturer salaries and tenured posts not kept pace with the change in SLT pay?
If not due to political pressure from ministers?

[TalkinPeace]

First Actuarial have produced a very different valuation.
Do you have a link and I'll compare them tomorrow over lunch
about to go to sleep

[SoupyNorman]

Ahahahahahhahaha.

Really?

There’s this employers’ cartel called UUK. They all get together and try to collectively shaft their employees as best they can.

[SoupyNorman]

PS EY and PWC also produced valuations of the USS scheme that were rejected by the Pensions Regulator. You’re suggesting that there’s only one possible way of viewing the valuation, when that’s clearly not the case.

[SoupyNorman]

Here’a the link www.ucu.org.uk/media/8705/Progressing-the-valuation-of-the-USS-First-Actuarial-Sep-17/pdf/firstactuarial_progressing-valuation-uss_sep17.pdf

[TalkinPeace]

EY and PWC also produced valuations of the USS scheme that were rejected by the Pensions Regulator
Again I'd like to see
because the correspondence I've had wit the pension regulator over AE, stakeholder, LGPS and other bits
tends to show that they go for the more cautious IFRS assumptions

EY and PWC are very good at saying whatever gets them the most money

[titchy]

There is indeed political pressure to keep salary rises in line with other public sector rises. But also don't forget that the majority of income comes from fees, and we haven't been able to increase these for years. In the meantime other costs have risen. Some HEIs are better able to deal with this than others.

[andhardlyanywomenatall]

Christ on a bike aren’t the fees high enough?