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Reasons to vote YES in the USS ballot

Vote now (and if you don’t have your ballot, request a replacement TODAY) for industrial action over USS.

If necessary, order your replacement ballot here: https://yoursay.ucu.org.uk/s3/USS-HE-replacement-form

Vote for strike action and for action short of a strike.

1. Our dispute is with the University as our employer, represented by Universities UK in national negotiations. It can only be resolved through industrial action against the employer.

2. Over the last few years, USS investments have performed badly compared to other schemes such as the University of London’s internal SAUL pension. USS and UUK have maintained a culture of secrecy and complacency; when a UCU-appointed trustee started asking difficult questions, they worked together to have her removed. The current difficulties are their fault.

3. Our employers have not delivered on their past promises to commit support to USS over the long term. Their refusal of “covenant support” has sabotaged our chance of retaining current benefits at modest cost for a further fifteen months while we work out a long-term solution.

4. The blue line on the graph below shows that, without this UUK sabotage, an academic on £40,000 would have been able to retain current benefits at modest cost. In contrast, UUK is trying to force us to follow the yellow line; we would lose a third of the value of our pension by retirement age. Because of the poor inflation protection, it only gets worse as we get older.

Graph by Prof Mike Otsuka from UCL, a member of the UCU national negotiating team.For details see: https://mikeotsuka.medium.com/the-overwhelming-case-for-retaining-current-uss-pension-benefits-until-april-2023-4d0f935fba48

5. The graph makes a modest assumption of 3.5% CPI inflation. This is substantially lower than it is now. If inflation continues at the current rate, our pension would be much worse.

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