USS benefits restored in full today

The restoration comes two years after employers forced through cuts to USS that meant guaranteed benefits were slashed by on average 35%.

The restoration means that, as of today (Monday 1 April 2024):

• the USS accrual rate jumps from 1/85 back to 1/75 
• the USS defined benefit threshold increases from £41k back to over £70k
• the hard inflation cap of 2.5% has been removed.

An additional one-off pension payment of around £900m has also been made to help make good the money that USS members have lost since April 2022.

In January 2024, USS employee contribution rates also fell from 9.8% to 6.1%. That alongside the increase in benefits means a typical USS member will be around £150k- £200k better off.

After balloting, campaigning and standing on the picket line for 69 days, today's victory belongs to UCU members. You have done what many said was impossible and won your pension back.

But just as we have won one battle, employers are now signalling that they want to leave the Teachers' Pension Scheme (TPS) offered to staff at post-92 universities. Any institution that thinks it can rob workers of their retirement benefits needs to think again. We will defend TPS with exactly the same tenacity that saw us win back our USS pension benefits. 

More generally, your victory in USS shows workers everywhere what we can achieve when we stand together. UCU will not stop until higher education employers properly value their staff.

In solidarity

Jo Grady
UCU general secretary