Safeguard final-salary pension 2

October 26, 2007

Recently the Government, in agreement with the unions, introduced new pension rules but retained final-salary schemes. The Times Higher now reports that the Universities and Colleges Employers Association is looking at options to scrap the university final-salary pension scheme.

Clearly Ucea considers that these new pension agreements should be treated with disdain. It is sad enough that private-sector employees should face penury in retirement while their boardrooms feast on the benefits of vastly enhanced final-salary schemes. It is also sad that Ucea appears to want to do the same with lecturers' pensions, ensuring thereby that the latter, too, live in penury in retirement, although I have no doubt that, just like their peers in industry, vice-chancellors and their fellow travellers will continue with their final salary schemes.

There is absolutely no excuse for abandoning final salary schemes. The University and College Union had better start forming plans for industrial action.

Andrew Chanerley, University of East London.

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