Here is UCU’s latest statement to members on the struggle to defend our pensions. A key paragraph is point 3, which states: “The union’s formal policy is that any outcome should provide no detriment to UCU members. The superannuation working group (SWG) which is the body that negotiates with Universities UK (UUK) welcomed the JEP report as ‘a significant and impressive piece of work’ and stated that its recommendations should ‘form the basis for negotiations’.”
UCU nationally also firmly believes that the Joint Expert Panel (JEP’s) recommendations should be implemented in full, and we now know that if this happens the valuation of the scheme would result in a surplus of £0.5billion, as explained by Denis Leach. As Mike Otsuka explains in this thread, USS will be making a statement very soon, and it remains to be seen whether it will itself implement the JEP’s proposals in full. Cardiff University is in favour of accepting the JEP’s proposals in full, as outlined in our joint statement earlier this year
In short, we have been completely vindicated in our arguments and analysis, and we still have the chance of keeping our DB pensions on current terms because we had the courage of our convictions, and backed them up with positive, firm, and militant industrial action.