Tag Archives: USS

Oxford’s and Cambridge’s role in the demise of USS – Mike Otsuka


To be more precise: what follows is an account of the role of these two universities, and their constituent colleges, in the demise of USS as a multi-employer scheme that promises a decent, defined benefit (DB) pension to its members. … Continue reading

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Pensions: universities could learn lessons from Royal Mail


David Pitt-Watson and Hari Mann believe there could be a way to settle the ongoing pensions row amicably   University employers and university staff are locked in a dispute about pensions. Both have reasonable positions. The employers say that the cost … Continue reading

Posted in pensions, Royal Mail, USS | Tagged , , , , , | 3 Comments

No shortage of “pension engagement” at Royal Mail.


Pension people want positive engagement, but when they get it, they ignore it or deride it. On Friday, the CWU announced that an agreement had been reached between CWU and Royal Mail which will now be put to the membership. … Continue reading

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The magnitude of the challenge facing University staff – Mike Otsuka


Normally, an employers closing a DB plan for future accrual wouldn’t be that controversial, but our universities aren’t normal employers and these are not normal times, Mike Otsuka gives the background to the impending dispute between the Universities, its staff … Continue reading

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The incoherence of UUK’s attitude towards risk – Mike Otsuka


Low risk is intolerable when shared by 350 institutions but high risk is fine when borne by workers individually USS’s current troubles, and UUK’s proposed solution, reflect an incoherent attitude toward risk on the part of our employers. Their responsibility … Continue reading

Posted in pensions, USS, Value for Money, welfare | Tagged , , , , | 10 Comments

A pension settlement needs general agreement.


I spent most of this cold dark weekend putting together a submission to the FCA on what we know is happening to millions of pounds of money that has been disinvested from the British Steel Pension Scheme and reinvested through … Continue reading

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“You break it – you own it” (Mike Otsuka on “consequences” at USS)


Why employers must pay for the £2.4 bn rise in the USS deficit As USS makes clear, employers are collectively responsible for the increase in the deficit from £5.1 bn to £7.5 bn and the accompanying increase in deficit recovery contributions … Continue reading

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Jealous of your parents? Screw their pension!


  The Government are to bundle up the outstanding student debt and sell it to pension and hedge funds. Simple message to kids, if you love your parents, pay your debt; if you want to screw them-don’t. Remember kids, your … Continue reading

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A time of trust – not guarantees.


About the time that I was ranting to TISA about the complacency with which we are dismantling the retirement promises made to those who were promised a DB pension based on the years they worked with the company;- this happened! … Continue reading

Posted in CDC, DWP, FSA, Music, pensions | Tagged , , , , , , , , , , , | 3 Comments

Is the USS really in crisis?


Professor Dennis Leech is Emeritus Professor of Economics at Warwick University. This week has seen the University Employers threaten to withdraw sponsorship for future DB accrual, the University Union announce intended strike action and the DWP Select Committee ask fundamental questions about … Continue reading

Posted in pensions, USS | Tagged , , , , , , | 13 Comments