UK academics begin legal action to halt proposed cuts to pensions
UK university academics have launched legal action to try to halt proposed cuts to their pensions as well as speed up their retirement scheme’s divestment of shares in fossil fuel companies.
Documents requesting permission to launch proceedings against the £80bn Universities Superannuation Scheme (USS), the UK’s largest private sector pension plan, were last week submitted to the High Court.
The crux of the move is a decision by the trustees and managers of the 430,000-member scheme to undertake a health check of the plan’s finances in March 2020, when markets were hit by the Covid-19 crisis — a move claimants argue could leave 200,000 active members a collective £31bn worse off in retirement.
The valuation identified a £14bn-£18bn shortfall in the scheme’s finances, which prompted proposals for fresh cuts to members’ retirement benefits to plug the deficit.
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