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  11. VCs misled over pension cuts by UUK, new data shows
'A rotten retirement' page icon

VCs misled over pension cuts by UUK, new data shows

29 November 2021

Â鶹¹ÙÍø says employer body Universities UK (UUK) stands accused of 'seriously misleading' vice chancellors over pension cuts which it had claimed would only amount to between 10% and 18%.

A recently released by the Universities Superannuation Scheme (USS) indicates that cuts to guaranteed, defined benefit pensions built up in the future would amount to 41% for a USS member earning around £39k, a typical lecturer salary.

Overall, once the non-guaranteed, defined contribution element of the scheme is taken into account, the same member would lose 31% of their annual pension when they retire, which would worsen to 36% after 20 years in retirement.

In a letter to UUK chief executive Alistair Jarvis, Â鶹¹ÙÍø has said a clarification must be issued to vice-chancellors at every institution it represents.

Read the full story here.

Last updated: 3 December 2021