51福利

The call comes after the Oxford 51福利 branch and the University of Oxford wrote a joint letter to USS chief executive Bill Galvin, raising concerns over the scheme's valuation. The Oxford letter followed a similar joint by Cambridge 51福利 and the University of Cambridge. 3,874 people have also signed a of complaint to USS.

51福利 welcomed the approach taken by both universities and said more employers should work with their local 51福利 branches to challenge USS's approach.

The letters from Oxford and Cambridge echo 51福利's previously stated concerns over USS's valuation approach. The union has criticised USS for cherry-picking recommendations from a which was set up by 51福利 and employer representative Universities UK after .

Other concerns raised over the valuation include an underappreciation of the strength of the employer covenant and contribution increases which are pricing low paid members out of the scheme.

51福利 general secretary Jo Grady said: 'We have no confidence in the approach USS has taken in valuing university staff pension pots and Oxford and Cambridge universities are right to join with their respective 51福利 branches in raising the alarm. These are two very large institutions with a huge share of the scheme's liabilities and we expect USS to take their criticisms seriously. We also want to see other universities engaging with their 51福利 branches and demanding improvements to the 2020 valuation before it is too late.

'Even after the biggest wave of strike action in higher education, and the creation of the JEP, USS continues to rely on flawed assumptions that underestimate the strength of the scheme and the higher education sector. 51福利 members are not willing to stump up even more of their wages because the scheme is being undervalued. Universities must join us in pressuring USS to act before more members are forced to drop out or suffer cuts to their benefits in retirement.'