Wednesday, 19 October 2011
Eating Away At Your Pension Rights
I was up in St Andrews today meeting students and staff. Whilst there I was invited to come along and enjoy some cake in a lunchtime protest with a difference. Staff from the UCU [University College Union] were protesting at management plans to eat away at their pension rights.
The University pension fund is made up of contributions from staff and employers. Management are demanding that lecturers pay in more in contributions, work longer before receiving their pension and get less money when they do eventually retire. Its a triple whammy.
The union estimates staff could lose up to £100,000 over the course of an average 20 year retirement through the new proposals compared to present arrangements. To add insult to injury the University hierarchy - Principals and Vice Chancellors etc - would not suffer any such diminution in their pensions. So the overall share of the pension 'cake' [get it] for staff is being reduced, which Marie Antoinette's remains unaffected. 'Let them eat cake' indeed!