The following motion carried at the RUCU OGM 24.10.24:
We are concerned about the limited protection against inflation that is currently offered by USS.
The previous reduction of inflation protection to a mere 2.5% has been defeated and this is a significant victory.
However, recent events, in which UK inflation exceeded 10%, have demonstrated that low inflation cannot simply be assumed and that the provision of a decent pension requires an increase in protection.
In past years pensions rose with RPI. The new arrangements, even after the recent very welcome agreements, give USS pension recipients increases only up to 5%, then only half of subsequent increases, with even this being capped at 10% (meaning that recipients would receive 7.5% only).
The current arrangements therefore threaten USS members to a slow and grinding descent into impoverishment.
We therefore propose that the UCU campaigns to raise the inflation cap on our pensions, to extend the protection that they have in the case of inflation being higher than 5%. We accept that changes in contribution rates might be necessary in order to achieve this. However, we feel that action on this front is vital if the USS is to avoid failing to discharge its responsibilities to members.