Pension scheme at risk of collapse if improvements aren't made say Sussex Uni protestors
A strike over proposed cuts to staff pensions enters its third day today
A member of the University and College Union (UCU) has told us if improvements aren't made to the pension scheme then it could collapse entirely.
Staff at the University of Sussex are striking this week along with 43 other universities across the country over a proposed 35% cut to their pensions.
The UCU says the strikes were 'totally avoidable', but any and all proposals they've put forward have been ignored.
Danny Millum works in the library at Sussex Uni and is one of many staff members who are walking out this week.
He said: "A valuation of the pension fund was done in 2020, in the middle of the pandemic. So obviously, the valuation was artificially far too low and the plans for the cuts are based on that. All we're asking to do is to pause those plans and do a new valuation now.
"If you make pensions so they're less attractive and affordable people won't join the scheme and then the whole scheme might eventually close. Then you'll be left with people who don't have any sort of pension provision."
Danny tells us it's the younger members of staff he fears for the most: "They'll have big student loans. They'll be having difficulty buying a house as young people are these days. They'll receive these cuts to their pensions more seriously, in their instance it might be even higher than 35%. What you're looking at there is eventually a pension that isn't sustainable for you in old age."
Universities UK spokesperson, on behalf of USS employers said: “Evidence from employers shows that UCU’s industrial action is not having the desired effect, with diminishing levels of disruption reported in every walkout since 2018. In December, only a third of UCU members at institutions eligible for industrial action chose to go on strike – accounting for just 9% of staff.
“Students will struggle to understand why they should bear the brunt of UCU’s refusal to confront the financial challenges facing all pension schemes.
“Instead of pursuing strike action and attempting to disrupt students' education, the union should focus on working with employers to find a viable and affordable solution to the 2020 valuation which avoids the unaffordably high costs members and employers are facing from April.
“Universities will minimise the impact of any further industrial action on students by ensuring they can continue to learn and receive support.”
Further strike action over pensions as well as pay and working conditions is planned for next week.