A second wave of university strikes over proposed pensions reforms has been suspended, after University and College Union members accepted a proposal by Universities UK to reassess the valuation of their pension scheme.
UCU members endorsed the proposal to reassess the valuation of the Universities Superannuation Scheme, which the vice-chancellors’ group put forward on 23 March, in a ballot that ended on 13 April. Sixty-four per cent of voters backed the proposal, with a vote turnout of 63.5 per cent.
An independent expert panel will now be set up to review the valuation used to make decisions about USS contributions and benefits. Existing USS contributions and benefits will be maintained until at least April 2019, and the proposal guarantees that the USS remains a defined benefit scheme rather than changing to a defined contribution scheme.
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