UPDATE - UCU member ballot on latest USS pension proposal

At ACAS-convened talks last Friday, Universities UK (representing employers, including Oxford) and the University and College Union (UCU) proposed to establish a Joint Expert Panel to consider the Universities Superannuation Scheme (USS) valuation and the assumptions and tests which underpin it. The proposal aims to rebuild trust between the parties and help resolve the dispute. UCU has now opted to ballot its members on this proposal. An electronic voting system is to be used and this ballot is expected to take place shortly after Easter. The proposal for a Joint Expert Panel - for which Oxford University expressed support - included two key undertakings: the requirement for suspension of industrial action while the Panel is created and undertakes its work. the support of the USS Trustee and the Pensions Regulator, recognising their statutory position and the safeguards they must provide for scheme members. The Trustee has a responsibility to protect the interests of all beneficiaries of the scheme, and the Regulator is required to ensure that workplace pensions are secure and sustainable.