A decent pension was part of the deal when you joined the sector. Your employer should keep their promise to you.
Academic and academic related pay has declined by 15% over the last 10 years.
Your pension, which is deferred pay, has been cut twice. Each time, employers claim it is the last time. Now they want to cut it again, and even more severely than before.
When you joined the sector, it was on the promise of a final salary pension. That was the contract. They want to take all certainty away from your financial security in retirement and not even pretend to compensate you for the extra risk.
Employers claim they can’t afford to guarantee the pensions they promised. Independent analysis suggests otherwise and Warwick’s VC has already broken ranks.
Employers want to reduce new contributions to the fund to pay down the ‘deficit’ — rather than use the reserves already put aside to cover it.
Employers claim they cannot afford to keep their promise, while you work harder, for less money, and the sector generates more income than ever before.
You have every right to be angry because the university will not honour it’s commitment to you and your colleagues because you have built Queen Mary.
Make visible your resolve to fight for your pension.
Email your line manager and the principal and let them know that you are not willing to accept these cuts to you pay. Remind them that demoralising staff by cutting their pay and security undermines the quality of work and the mission of the college.
Talk to all your colleagues who are not members and encourage them to join UCU and to ask them to contact the principal with the following questions:
- Under the UUK proposals can you tell me what my retirement income will be?
- Under the UUK proposals will my pension benefits now be significantly worse than those in post-92 universities?
You know the answers. Every USS member needs to know the answers and work to stop the changes to our pensions.
Make sure your students know that you will willingly be dragged into this “race to the bottom” for pay and conditions.
The ballot for industrial action is now open. Look out for the ballot paper and remember to vote. Your retirement income depends on it.