The EPF was set up by three bodies which share Woburn House in London: UniversitiesUK (UUK), the Universities and Colleges Employers Association (UCEA) and GuildHE. It shares an office & press officer with these bodies.
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Who is behind the drive to end the Defined-Benefit #USS pension scheme?
A key figure is Prof Koen Lamberts, VC of University of York, and Chair of the Employers Pension Forum (EPF).
Join me on a rambling thread 
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The UCEA is (I'm sure) behind hard-line HR advice on ASOS pay deductions at e.g. University of Leeds. Theme 3 of UCEA's work in 2016-17 & 17-18 was " Seeking and supporting movement towards sustainable solutions in HE employers' pensions provision" http://www.ucea.ac.uk/download.cfm/docid/C060374F-252C-4496-B20A10FFC2282C21 …
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Note "movement towards". It is clear to me that UUK & UCEA are not merely a representative "voice of universities", but instead advocate for change. They have built an artifical consensus within a bubble with VCs, Consultants, & politicos. They exclude ordinary academics &staff.
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In March 2017,
#USS reported that its assets had GROWN by *20%* that financial year. Good news, you might think? But ... uh-oh ... a technical deficit had also grown. This deficit strongly correlates with gilt returns, which are at historic lows.pic.twitter.com/nyYmpJWlZH
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This technical deficit is HIGHLY volatile. If interest rates rise, it may quickly disappear. According to the Telegraph, final salary deficits HALVED in one month alone in 2018:https://www.telegraph.co.uk/pensions-retirement/news/relief-final-salary-members-pension-deficits-halve-month/ …
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Clearly, the technical deficit in a single valuation is just one factor in play. The out-performance in growth of
#USS is another. Now which would the EPF chair choose to dwell upon? Let's see ...Show this thread -
Here is Prof Koen Lamberts, Chair of EPF, writing in August 2017 on "Addressing the University pension fund deficit" http://www.universitiesuk.ac.uk/blog/Pages/Addressing-the-university-pension-fund-deficit.aspx …
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He writes: "The deficit is £12.6bn ... so doing nothing is not an option" without explaining how the deficit is calculated. (Or is the deficit 7bn, or 17bn? I've lost track). Prof L does not mention the 20% annual growth in USS assets. Doing nothing is a legitimate option, IMO.
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Later "The EPF today publishes a report which puts forward a set of guiding principles describing University priorities for the future." What?pic.twitter.com/nX05aKZuST
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Surely it is NOT for the EPF to set forward guiding principles describing University priorities?? The report is here "Suitability and sustainability: pensions in HE sector": http://www.universitiesuk.ac.uk/policy-and-analysis/reports/Pages/suitability-sustainability-pensions-higher-education-sector.aspx …
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Koen Lamberts talks of "flexibility" and "control". But we are savvy enough now to know what this means for employees ...https://twitter.com/felicitycallard/status/971840286618988544 …
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Prof Koen Lamberts also makes one very misleading statement, highlighted here:pic.twitter.com/LwAIcbhevf
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There are not "350 Universities and HE bodies" sponsoring the
#USS scheme. There are about 66 pre-92 universities, the major#USS employees. Then, there are LOTS of minnows, some with just one or two#USS employees.https://twitter.com/etymologic/status/969705354513780739 …MISSING: 30+ mysterious "#USS employers" that responded to the Sep 2017@UniversitiesUK survey on pension scheme risk. Not Universities, nor even Oxbridge colleges - but "#USS employers". Who might they be? Help me seek them out (Thread)Show this threadShow this thread -
I could go on and on. No offence to these minnows. But Prof Lamberts should not be calling these "Higher Education Bodies". Because most of them are not. They just have a small number of
#USS employees from transfers from pre-92 unis.Show this thread -
Prof Lamberts should be well aware of this, as by my count he is on the board of *FIVE*
#USS employers, namely University of York, Yorkshire Universities, Russell Group, UCEA and UUK itself.pic.twitter.com/kj5oviadhg
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Here is the membership of the Employers Pension Forum, as it stood in Jan 2017:pic.twitter.com/YEybqqlq6k
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Lots of Finance and HR on this list, not so many academics. There is only one other VC here, Prof Sir Ian Diamond, of Aberdeen, and he has come to a quite different opinion to the EPF Chair, Prof Lamberts ...
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Here is an excerpt from Prof Diamond's joint statement with
@aberdeen_ucu from 21st Feb 2018. If Prof Diamond, rather than Prof Lamberts, were in the chair of the EPF, I think this dispute would have had a speedy resolution.pic.twitter.com/6Hyb4nqWzA
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ENDS. (If I have time for more research I'll add to this thread later).
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End of conversation
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