On the face of it, the University and College Union appears to have negotiated a deal for members that looks like a decent compromise.
The much-cherished “defined benefit” element, the part that pays out a proportion of salary in retirement income, will be preserved at a “meaningful level” for the next three years, although on a lower level of salary.
Under the original proposal put forward by Universities UK, representing the employers, it was due to be scrapped altogether in favour of a entirely defined contributions scheme, based on financial market investments. It was estimated that that would represent a £10,000 cut in annual retirement income for academics, who are not well paid enough to make their own savings for old age
To afford the…