Academics Seek Plan To Tackle Universities Pension Shortfall
Law360, London (April 8, 2021, 2:14 PM BST) -- A trade body for British universities has asked members for their responses to an alternative approach to tackling a near £18 billion ($25 billion) funding shortfall in a pension scheme for academics.
Universities UK said on Wednesday that the seven-week consultation would consider new ways to deal with the budget deficit of the Universities Superannuation Scheme, or USS. The trustee of the scheme has called for contributions by both universities and employees to increase by as much as 56.2%.
A financial assessment published in March, found that the scheme's deficit had grown from £5.4 billion in 2019, to between £14.9 billion and...
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