Tuition fees to rise £1,000 a year to cover pension black hole

  oresome 09:24 25 Oct 13
Locked

On the other hand we could do a Grangemouth and threaten to close the universities if the employees won't accept changes to their terms and conditions.

That may sound daft, but we are getting a ever widening rift between the gold plated conditions enjoyed by some and the diminishing conditions imposed on many others. It will eventually lead to unrest on a large scale.

click here to Telegraph article

Link

  spuds 11:03 25 Oct 13

I think that I will stop reading newspaper articles or watching television reports, and stick to receiving my annual statement's from my pension provider's, and see if they have invested wisely for a pension increase in the following year?.

  fourm member 11:48 25 Oct 13

That's a real laugh out loud goodie.

'The fees are probably going to have to go up from £9,000, which is the maximum, by about £1,000.'

I'm not sure how

'the system is in “denial” about the true state of affairs, he said,'

can be reconciled with

'The managers of the scheme – the UK’s second largest pension fund – are currently implementing a ten-year plan to eliminate the deficit' July story

  oresome 13:03 25 Oct 13

That's a real laugh out loud goodie

I'm glad I helped make your day.

  oresome 13:09 25 Oct 13

The USS report and accounts for financial year 2011/12, the most recent available, state that the scheme managers have agreed a 10-year recovery plan with the universities and the University and College Union, representing staff.

This was based on a valuation of the scheme in March 2011 that revealed a deficit of £2.9 billion.

But the USS’s funding position deteriorated rapidly over the *following year and the deficit had grown to £9.8 billion* in March 2012 thanks to a rapid fall in gilt yields.

  john bunyan 17:54 25 Oct 13

I believe a year or two ago it was proposed that the pension for lecturers comes into line with the practice in multi national companies. It used to be a retirement at 60 on 2/3 final salary but the change was to 2/3 lifetime average and retire at 65.No one likes change but with people living longer , changes are inevitable. The company I used to work for has changed to this formula, and employees can, if they wish, make additional contributions to earn a higher pension. I am not sure what happened in the end as there was much unrest - was the proposal implemented?

  oresome 19:12 25 Oct 13

Final salary pensions have almost ended for the majority of workers in all but Government and quasi government roles.

Most employees are now on defined contribution pensions where the investment performance of the fund is at the employees risk. The final pension sum is unknown until retirement.

It is what I was alluding to in my original post with the disparity in terms and conditions between the public and private sectors creating unrest in years to come.

  Forum Editor 08:52 26 Oct 13

You should work for the Daily Mail.

Your thread title:

"Tuition fees to rise £1,000 a year to cover pension black hole"

From the article you linked to:

"The Universities have said that there are no plans or discussions to increase fees, which are regulated and capped by the government."

  oresome 17:59 26 Oct 13

You should work for the Daily Mail

I'm available and open to offers.

I admit I might stretch the facts to promote debate, but it seems I'm flogging a dead horse much of the time!

  Forum Editor 18:05 26 Oct 13

"it seems I'm flogging a dead horse much of the time!"

Don't let that deter you - keep going, new topics are much better than no topics, even if the facts are occasionally stretched a little to entice people to contribute.

As Joubert once said: “It is better to debate a question without settling it than to settle a question without debating it.”

This thread is now locked and can not be replied to.

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