The University of Glasgow's Director of Human Resources, Christine Barr, has written to staff outlining proposed changes to the Universities Superannuation Scheme (USS).

The employers’ proposed reforms are:

  • The final salary section would close for future benefits, with existing benefits protected and calculated using pensionable salary and service at the date of change.
  • Future pension for all members would build up in the career revalued benefit (CRB) section on earnings up to a salary threshold – proposed at £50,000.
  • Pension on salary above the threshold would be provided in a new defined contribution (DC) section.
  • All members would also have the option to pay an additional 1% of salary into the DC section, which the employers would match.

These proposals have been put forward due to a large deficit within USS to ensure that it remains sustainable, attractive and affordable for both current and future members.

The University is planning drop-in sessions for staff over the next few weeks to assist and provide USS members with the opportunity to raise questions. Details of these sessions are as follows:

DateTimeLocation
Friday 14 November 11am - 12 noon Senate Room, Gilbert Scott Building
Friday 14 November 2pm - 3pm  Ilay Lecture Theatre, Garscube Campus
Monday 17 November  2pm - 3pm Room 253, Gilbert Scott Conference Suite, Gilbert Scott Building
Monday 24 November 2pm - 3pm Hugh Fraser Seminar Room, Wolfson Medical School

 

All USS members are welcome to come along. Information can also be found at:

 www.gla.ac.uk/services/finance/payandpensions/usschanges/

First published: 7 November 2014

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