Friday, July 23, 2010

USS Pension Changes

It seems that changes in the USS pension scheme (which covers UK academics) are close to be agreed. It looks like pensions for new entrants will be based on career average earnings, rather than final salaries, which seems like quite a blow given that most don't start paying until their late 20s and often have to go the first few years post-PhD in low-paid under-employment.

To be honest, my pension is so far off that it's rather hard to predict what effects this will have on me, other than that I'll be worse off (effective immediately, as employees' contributions rise to 7.5% of salary). I think I'm glad I joined when I did though, assuming I can at some point reach a respectable 'final salary'...

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