UCU responds to USS governance review

UCU general secretary Jo Grady said: 'The shortcomings in the governance of the USS pension scheme are well known and no better demonstrated than by the deeply flawed valuation process. But rather than address governance failings which were identified in two joint expert panel reports in 2018 and 2019, UUK decided to exploit them, forcing through proposals which are set to wipe hundreds of thousands of pounds from the retirement income of our members. If UUK were expecting any praise today for launching a review, they are going to be deeply disappointed.

'UCU will make its views, and those of its members, clearly known to UUK. But this review - with a chair, panel and terms of reference decided by UUK - is very unlikely to deliver improvements to the scheme which will work for our members. After repeatedly lying about the scale of the pension cuts that were implemented this year, our members will be entirely justified in treating this review and the intentions of UUK with a great deal of caution.'