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Concerns over ‘challenges’ from pension contributions hike

The Universities Superannuation Scheme is actively monitoring how many of its members drop out of paying into the pension scheme, amid concerns that increasing contribution rates could drive some academics to abandon it.

The amount members have to pay into the pension scheme is due to jump to 9.6 per cent of their salaries in October, up from 8.8 per cent now. USS chief executive Bill Galvin said “putting up contributions to the pension scheme…creates challenges for members”.

The scheme is now working with Universities UK and the University and College Union—which represents staff—to monitor the drop-out rate.

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