Proposals have been made by Universities UK (UUK) that would see significant detrimental changes being made to the Universities Superannuation Scheme (USS) that will affect dentists working in Higher Education, who belong to this scheme.
We believe these proposals might negatively impact dentists who belong to the scheme and we are in discussions with the University and College Union (UCU) and other trade unions in the higher education sector, to make the case for protecting our members' rights.
What is happening?
The USS board of trustees have begun a provisional valuation of their pension fund and have reported a deficit of £7.5bn.
The cost of eliminating this to ensure pension promises can be met, alongside the cost of keeping the scheme running as it currently is, would require contributions from employees and their employer to increase to a level of 37% of their salaries.
In response to this UUK has proposed that the build up of a guaranteed income ceases for the future. This means that the average cost to the employer of paying future pensions savings, would be reduced, from the current rate of 15.9% of salaries, to 13.25%.
These payments would all be directed towards a pension scheme which offers no guarantee of an income in retirement.
Tell us what you think
We want to hear from dentists in the higher education sector who are members of the USS, on your views on these proposals, and how it will affect you:
We need information from dentists working in academia, as to what your terms and conditions of employment state about which pension arrangements apply to you – any data you give us will be treated as confidential – please get in touch with our Head of Pensions, email Phil McEvoy or tel: 0207 563 4161
This information will help us to make the case for dentists, before any proposals for reform are implemented.
Working for you
We will continue to campaign for better terms and conditions for our members. If you'd like to be kept up to date with our progress:
Please ensure you membership details are up to date via MyBDA
Ensure you tick the box in MyBDA to subscribe to our regular e-newsletters.
Follow our Twitter feed @theBDA
Help shape the future of the profession: become a representative on one of our committees
Through our policy and campaigning work, we ensure that the concerns of all sections of the profession are raised and that dentists' voices are heard at a national level: join us.