As you will know from UCU emails and, if you are following the debate on Twitter, from numerous blogs and Twitter threads, members now must take part in an e-ballot on the choice whether or not to accept UUK's proposal for a Joint Expert Panel. The consultation opened Wednesday 4 April at 12 midday and closes at 2pm on Friday 13 April.
We will have an informal Branch Meeting on Friday 6 April (4pm, 02 / 1089 [L/T D], Highfield) and an EEGM Wednesday 11 April (3.30pm, LT/B, Avenue). MEMBERS ARE ENCOURAGED TO ATTEND BOTH MEETINGS IF POSSIBLE. Friday's meeting will be a chance to let us know your views prior to the formal meeting on Wednesday.
UUK have proposed a joint expert panel (JEP), nominated in equal numbers from both sides, to agree key principles to underpin the joint approach of UUK and UCU to the valuation of the USS fund. The JEP "will make an assessment of the valuation" and make a recommendation to the JNC aimed at providing a guaranteed [e.g. Defined Benefit] pension.
The Pensions Regulator (tPR) has indicated in a letter to USS that they will engage with the JEP.
The branch executive are not yet recommending a position in this important vote – we will meet on Monday to see if we have a consensus based on current information; however, the USS Board meet on 11 April, and they will also need to endorse the proposal if it is to be workable. Above all, this is your pension and we respect the right of members to reach their own decisions. We will support the majority decision of our union following this democratic process. Your branch executive have a range of views regarding the vote and the proposals and we are happy to discuss these with you as personal opinions (with the caveat that we are none of us actuarial or pension experts).
Notes about the HEC meeting https://cambridgeucuaction.wordpress.com/2018/03/31/a-mess-but-not-a-stitch-up-wednesdays-national-ucu-branch-meeting/amp/?
If the majority vote YES then UCU will suspend the industrial action but keep our legal strike mandate live until the proposal is formally noted at the USS Board .
The offer of JEP and willingness to negotiate was a key demand – now met.
To suspend the industrial action – in the interests of students and colleagues, or in light of hardship/detriment. Accept that we can restart action if needed.
The DB deal we were offered and rejected in March (1/85 DB accrual up to £42k, but with inflation revaluation only up to 2.5% CPI) represents some movement by UUK, notably in retaining commitment to DB in short term, and the offer to put in more money into our pension than they have before. This is a sign of willingness to move in the right direction.
This will take the 23 January JNC 100% DC option off the table.
If the majority vote NO then UCU will continue with currently planned strike action (16 April onwards) and have a fresh ballot to escalate the action further in the Autumn. UCU will ask the employers to further improve their proposal so that it contains a 'no detriment' clause (to commit the employers to paying more into our pension to preserve current DB – their unwillingness to do this was a factor in bringing about the current dispute).
More strike action could provide more leverage and stopping now may lose momentum and support.
The JEP and valuation requires us to trust UUK and our employers. The JEP may have little authority, no time-scale, and no way of reaching a decision. USS may not be able to delay submission of the 2017 valuation for the JEP so this may only influence the next valuation. This does not return us to the September valuation so the scheme may still be considered to be at risk of future deficit.
USS leadership may not accept JEP or JNC recommendations. USS might accept a move to Collective Defined Contribution (CDC) but this is not possible under current regulatory framework. CDC is not as good as DB. Accepting the proposal may open up CDC possibility.