Unhappy about proposed #USS pension cut?
Not convinced current #UUK offer protects you from significant & long term pension cuts. What if I told you that it's not the only cut your #USS pension has experienced 👇👇👇 #USSstrikes
Not convinced current #UUK offer protects you from significant & long term pension cuts. What if I told you that it's not the only cut your #USS pension has experienced 👇👇👇 #USSstrikes
Cut 1: Employer pension contribution holidays
Between 1983-1997, employers cut their contributions from 18.55% to 14%, resulting in an estimated £7 billion being lost from the value of the fund.
Between 1983-1997, employers cut their contributions from 18.55% to 14%, resulting in an estimated £7 billion being lost from the value of the fund.
Cut 2: Closure of USS as a final salary (FS) scheme
By closing FS scheme in 2015, & moving members into a lower value DB scheme, it is estimated the value of a #USS pension was cut by 20% on average.
By closing FS scheme in 2015, & moving members into a lower value DB scheme, it is estimated the value of a #USS pension was cut by 20% on average.
Cut 3: Sustained degradation of our pay
Between 2009-2016 our pay in 'real terms' declined by 19.5%. Cuts to the value of wages are cuts to the value of pensions, as pensions are deferred wages.
Between 2009-2016 our pay in 'real terms' declined by 19.5%. Cuts to the value of wages are cuts to the value of pensions, as pensions are deferred wages.
I'd make a quip about the first cut being the deepest. But 1) Not sure it's true, and 2) Too depressing.
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