Socialist Worker

New report: the government can afford pensions

Issue No. 2265

The Tories say they have to force thousands of public sector workers to suffer worse pensions because they can’t afford to sustain them.

But an internal document into lecturers’ Universities Superannuation Scheme (USS) contradicts their argument.

The document, produced by the Employers Pensions Forum (EPF), provides estimates for the future of the scheme.

It says that the scheme is expected to have 98 percent of its funding and that “the deficit is expected to be lower than was predicted in the 2010 actuarial report”.

Malcolm Povey is president of the UCU union at the University of Leeds and a member of the union’s national executive. He said the re-evaluation of USS funds had added “insult to injury”.

He said, “This October, USS members will see a further 1.5 percent deducted from their salaries on top of the insulting £150 per annum pay ‘offer’.

“We must make sure that every one of our colleagues votes to reject the pay offer and votes yes in our ballot for action to defend our pensions.”

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Tue 16 Aug 2011, 17:55 BST
Issue No. 2265
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