‘neutral’ Chair) to push through proposals for a two-tier scheme in which new joiners to USS will not receive a final salary pension. Instead they will receive a CARE (Career Average Revalued Earnings) pension based on an accrual rate of 1/80. This will lead to considerably smaller pensions, as the calculations on the USS website indicate.
In effect, the employers have decided to ignore the UCU’s objections, refused to negotiate, and delayed until the summer to weaken our possible action. UCU has to decide how to respond to this imposition.
Full details to follow.