More than 800 of the oldest women working in the industry have signed a letter sent to the UK Universities, the umbrella organization representing higher education institutions, expressing their “deep concern” and requesting a last-minute review. . Sweeping changes to the Universities Superannuation Scheme (USS), the UK’s largest private pension scheme, are set to take effect on 1 April, despite repeated rounds of work on campuses across the UK by members of the University and the University Union. Colleges (UCU). ). The letter points out that women are already being negatively affected by the existing pension system due to gender pay gaps at all stages of their careers and because the system punishes those who have taken career breaks due to care responsibilities. He warns, however, that the structure of the changes, which according to the UCU will cut 35% of a typical member’s guaranteed retirement income, will have a “gender effect” that should be taken into account. “The cuts in the USS fixed-income segment – which provides a guaranteed lifetime income – could disproportionately affect women as we generally spend more years in retirement,” the letter said. “In addition, the sheer scale of the cuts would worsen the situation for future generations of women in academia, intensifying the unfounded trade-offs between early career flexibility and the risk of financial insecurity in old age.” The letter claims that the proposed reforms are based on an incorrect valuation of the system that took place at the bottom of the market in March 2020. “The UK should abandon the artificial April deadline to allow time for a new valuation and overall analysis. of the effects of the shares, “he says. Promoting change without due regard for equality would show “a deep contempt for the well-being of women and members of other protected groups, undermining the commitment to equality, diversity and inclusion,” the letter added. Anne Pollock, a professor of global health and social medicine at King’s College London and one of the organizers of the letter, said: to make complete equality. impact analysis. “If our universities are to claim to support the equality of women and other vulnerable groups, they must make sure that the impact of any cuts does not fall disproportionately on the same groups that are already badly treated by the system.” A UUK spokesman insisted that fairness, equality, diversity and inclusion had been taken into account, and said employers were conducting assessments of the impact of equality on change, as well as the impact of higher costs that would otherwise have been introduced. “Comments from members and their representatives in the recent consultation on the changes show that affordability is a major concern, especially for vulnerable groups,” he said. “The USS will remain one of the most attractive retirement programs in the country.”
