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  2. PENSION FUNDS
May 11, 2018 01:00 AM

USS employers, participants abandon plan to move solely to DC

Sophie Baker
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    Representatives for employers and participants associated with the £60 billion ($82.7 billion) Universities Superannuation Scheme, London, have withdrawn a proposal to shift to a defined contribution plan in the future.

    An announcement on the website of Universities U.K., the representative organization for employers, said it and the University and College Union — which represents participants — had agreed to withdraw the proposal made in January.

    The proposed changes included implementing a salary threshold for defined benefits of zero, making the fund a purely DC plan. Currently, participants' first £55,000 of salary is eligible for defined benefit plan benefits, with any further contributions applied to a new DC plan.

    The proposal, which the announcement said had been "unpopular," was withdrawn at a meeting of a joint negotiating committee, made up of UUK and UCU representatives, in April.

    Neither party proposed an alternative as both are awaiting the outcome of an opinion by a joint expert panel, which was set up to report back on USS' future in September.

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    December 12, 2022 page one

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