Jump to content
DOSBODS
  • Welcome to DOSBODS

     

    DOSBODS is free of any advertising.

    Ads are annoying, and - increasingly - advertising companies limit free speech online. DOSBODS Forums are completely free to use. Please create a free account to be able to access all the features of the DOSBODS community. It only takes 20 seconds!

     

Recommended Posts

 

Inquiry demanded over governance of universities’ pension fund

More than 1,000 academics sign public letter backing whistleblower’s claims

https://www.ft.com/content/fdf66d42-83ab-11e9-b592-5fe435b57a3b

Regulators probe claims about university pension plan

Watchdog examines whistleblower complaint about obstruction on deficit estimate

https://www.ft.com/content/96cf2da6-7ad8-11e9-81d2-f785092ab560

Above are from MayJune 2019.

Academic trustee was contending the deficit.

Problem is, actuarial sums needs a pretty hefty margin on errors. Double, for a bunch of non physical workers who have very long holidays.

Fast forward one year.

https://www.ft.com/content/cd308b06-7632-4e51-bc86-8238fae442ba

The UK’s largest private-sector pension scheme has blamed the pandemic for its deficit more than doubling to £12.9bn, a decline in fortunes likely to be watched closely by the thousands of employers offering similar secure retirement plans.

Experts warned that if the pandemic continued, companies badly affected by the crisis that are still offering such “defined benefit” pensions, which give retirement payments based on a person’s salary and service, might have to close their schemes and place workers on riskier plans or demand higher contributions.

The £66bn Universities Superannuation Scheme, the main pension fund serving the university sector, on Wednesday reported a deficit of £12.9bn as of March 31 this year, up from £5.7bn a year earlier.

The USS pension us heavily exposed to bonds n commercial property.

 

 

Edited by spygirl
Link to post
Share on other sites
2 minutes ago, spygirl said:

 

Inquiry demanded over governance of universities’ pension fund

More than 1,000 academics sign public letter backing whistleblower’s claims

https://www.ft.com/content/fdf66d42-83ab-11e9-b592-5fe435b57a3b

Regulators probe claims about university pension plan

Watchdog examines whistleblower complaint about obstruction on deficit estimate

https://www.ft.com/content/96cf2da6-7ad8-11e9-81d2-f785092ab560

Above are from MayJune 2019.

Academic trustee was contending the deficit.

Problem is, actuarial sums needs a pretty hefty margin on errors. Double, for a bunch of non physical workers who have very long holidays.

Fast forward one year.



The UK’s largest private-sector pension scheme has blamed the pandemic for its deficit more than doubling to £12.9bn, a decline in fortunes likely to be watched closely by the thousands of employers offering similar secure retirement plans.

Experts warned that if the pandemic continued, companies badly affected by the crisis that are still offering such “defined benefit” pensions, which give retirement payments based on a person’s salary and service, might have to close their schemes and place workers on riskier plans or demand higher contributions.

The £66bn Universities Superannuation Scheme, the main pension fund serving the university sector, on Wednesday reported a deficit of £12.9bn as of March 31 this year, up from £5.7bn a year earlier.

The USS pension us heavily exposed to bonds n commercial property.

 

 

Aw, diddums.

Link to post
Share on other sites
13 minutes ago, GBDamo said:

Aw, diddums.

White v blue v black collar.

Tye miner pensions are flush with cash. Tiny numbers of miners left, even allowing for spouse to die at 85+ after 40 years on 50% spouse pension.

https://www.bbc.co.uk/news/uk-wales-politics-47468691

I'd give them a boost and look to provide community support projects/investments.

Emlyn Davies called it "daylight robbery".

"The scheme was made up for the miners themselves, not for anyone else or government, so they could have a decent living wage after they retire," he said.

"I get £57 a week. I know there are other people who have £80 a week. I've done 26 years, they've only 15 years, and they are having more than what I'm having.

"I'm not envious of them, but I'm just saying why should the government take our money. Not theirs."

I dont u understand what E lyn is in about. If hed worked 26 years then his pension will be more than 57/w - unless he only put pennies in it, which is possible, as the sceme predates most DB pensions.

I know my Aunt is on about 800/m. My uncle died in 1988.

The last batch of miners had a sub 15y life expectancy at 65.

Whereas USS member slink off at 60, with a life expectancy 25+

 

Link to post
Share on other sites
8 minutes ago, dgul said:

Sorry, I'm not keeping up -- those links are from the olden days -- is there some new strike stuff planned?

I do hope so -- it would be very thoughtful of university staff to go on strike at a time when they're not actually doing anything.

Missed link.

The academic was contesting the 5.7bln deficit figure last year.

The deficit one year in, is now 12bln.

Which sort of shows the margin of error in actuarial work esp when relying in bonds n commercial property.

Link to post
Share on other sites
1 hour ago, spygirl said:

 

Inquiry demanded over governance of universities’ pension fund

More than 1,000 academics sign public letter backing whistleblower’s claims

https://www.ft.com/content/fdf66d42-83ab-11e9-b592-5fe435b57a3b

Regulators probe claims about university pension plan

Watchdog examines whistleblower complaint about obstruction on deficit estimate

https://www.ft.com/content/96cf2da6-7ad8-11e9-81d2-f785092ab560

Above are from MayJune 2019.

Academic trustee was contending the deficit.

Problem is, actuarial sums needs a pretty hefty margin on errors. Double, for a bunch of non physical workers who have very long holidays.

Fast forward one year.

https://www.ft.com/content/cd308b06-7632-4e51-bc86-8238fae442ba

The UK’s largest private-sector pension scheme has blamed the pandemic for its deficit more than doubling to £12.9bn, a decline in fortunes likely to be watched closely by the thousands of employers offering similar secure retirement plans.

Experts warned that if the pandemic continued, companies badly affected by the crisis that are still offering such “defined benefit” pensions, which give retirement payments based on a person’s salary and service, might have to close their schemes and place workers on riskier plans or demand higher contributions.

The £66bn Universities Superannuation Scheme, the main pension fund serving the university sector, on Wednesday reported a deficit of £12.9bn as of March 31 this year, up from £5.7bn a year earlier.

The USS pension us heavily exposed to bonds n commercial property.

 

 

‘S ok. As long as i get my contributions back. What they take from my pay is eye watering. 

Link to post
Share on other sites
2 hours ago, spygirl said:

White v blue v black collar.

Tye miner pensions are flush with cash. Tiny numbers of miners left, even allowing for spouse to die at 85+ after 40 years on 50% spouse pension.

https://www.bbc.co.uk/news/uk-wales-politics-47468691

I'd give them a boost and look to provide community support projects/investments.

Emlyn Davies called it "daylight robbery".

"The scheme was made up for the miners themselves, not for anyone else or government, so they could have a decent living wage after they retire," he said.

"I get £57 a week. I know there are other people who have £80 a week. I've done 26 years, they've only 15 years, and they are having more than what I'm having.

"I'm not envious of them, but I'm just saying why should the government take our money. Not theirs."

I dont u understand what E lyn is in about. If hed worked 26 years then his pension will be more than 57/w - unless he only put pennies in it, which is possible, as the sceme predates most DB pensions.

I know my Aunt is on about 800/m. My uncle died in 1988.

The last batch of miners had a sub 15y life expectancy at 65.

Whereas USS member slink off at 60, with a life expectancy 25+

 

They've got an inflation cap on the benefits in the USS scheme, so many of the current younger members are going to see their real terms benefit getting a bit of shrinkflation when the currency gets turned to toilet paper by inflation over the next 20 year's or so. In a high inflation environment even the older members will see big real terms cuts if they live long enough, and the rules stay as they are.

Edited by SpectrumFX
Link to post
Share on other sites
  • 1 month later...



These include a proposal to increase the contributions paid by university employers and around 200,000 scheme members to as much as 68 per cent of employee salaries from the current 30.7 per cent.

This is mainly down to retired n soon to be retired members from last 20-30 years.

Should not let academics retire before 70. Even then most will live too long.

 

Link to post
Share on other sites
4 minutes ago, spygirl said:

UK universities and staff face huge jump in pension contributions

Retirement scheme deficit jumps from £3bn to £18bn in two years

https://www.ft.com/content/63b699e3-8a54-4a21-9a81-b322908a6fdb

 

Another 5bln hole.

That smells really badly of dodgy accountancy which is surprising really when these institutions are supposed the be the elite of the educashun system.

£3bn to £18bn in two years is ridiculous, the only thing I can think of is the rats have jumped ship by using the pension laws to transfer out of DB schemes into private ones at 'market value' and took all the cash with them.

 

Link to post
Share on other sites
8 minutes ago, spygirl said:

UK universities and staff face huge jump in pension contributions

Retirement scheme deficit jumps from £3bn to £18bn in two years

https://www.ft.com/content/63b699e3-8a54-4a21-9a81-b322908a6fdb

 

Another 5bln hole.

I used to be in the USS pension. I changed employers just so that I could transfer the pension to another scheme. 

 

Link to post
Share on other sites
2 minutes ago, Chewing Grass said:

That smells really badly of dodgy accountancy which is surprising really when these institutions are supposed the be the elite of the educashun system.

£3bn to £18bn in two years is ridiculous, the only thing I can think of is the rats have jumped ship by using the pension laws to transfer out of DB schemes into private ones at 'market value' and took all the cash with them.

 

As far as i can work out they're required (by the government) to calculate the deficit on the basis of the funds that they'd need to meet all of their obligations from the interest they'd get if they were to wind up the scheme, sell all their equities, and put all of the assets into bonds or similar shit investments.

 

Link to post
Share on other sites
On 29/07/2020 at 21:36, One percent said:

‘S ok. As long as i get my contributions back. What they take from my pay is eye watering. 

Have you added up what you have actually paid in,  then worked out how much that would pay as an endowment?

I would quite like to retire early eventually,  so overpay as much as I can into a SIPP.  It’s surprising how much even a very average pension income costs.
 

You might find you’re not as bad off as you think.

Edited by Libspero
Link to post
Share on other sites
17 minutes ago, Chewing Grass said:

That smells really badly of dodgy accountancy which is surprising really when these institutions are supposed the be the elite of the educashun system.

£3bn to £18bn in two years is ridiculous, the only thing I can think of is the rats have jumped ship by using the pension laws to transfer out of DB schemes into private ones at 'market value' and took all the cash with them.

 

Funding the whitest of white collar pensions in in a time of ZIRP is a killer.

 

Link to post
Share on other sites
18 minutes ago, SpectrumFX said:

As far as i can work out they're required (by the government) to calculate the deficit on the basis of the funds that they'd need to meet all of their obligations from the interest they'd get if they were to wind up the scheme, sell all their equities, and put all of the assets into bonds or similar shit investments.

 

It's some variant of the same rules used for annuity and endowment funds. Basically, a very long term value at risk calculation with some rules added to force more money to be invested in bonds and other "safe" assets as the margins narrow. Once a pension fund gets into deficit situation, it has to reduce its exposure to equities - the asset class that actually returns the most over the long term - thereby entering into a death spiral unless bailed out by someone. 

Link to post
Share on other sites
1 hour ago, Libspero said:

Have you added up what you have actually paid in,  then worked out how much that would pay as an endowment?

I would quite like to retire early eventually,  so overpay as much as I can into a SIPP.  It’s surprising how much even a very average pension income costs.
 

You might find you’re not as bad off as you think.

Paid in more that the bennie seekers and lard arse single parents that’s for sure. 

Link to post
Share on other sites
3 hours ago, spygirl said:

UK universities and staff face huge jump in pension contributions

Retirement scheme deficit jumps from £3bn to £18bn in two years

https://www.ft.com/content/63b699e3-8a54-4a21-9a81-b322908a6fdb

 

Another 5bln hole.

 

Wow what a shocker eh.  It's been a financial mess for years hasn't it? I remember reading about the 'impending financial crisis' of the USS when I was in it about 2000 before transferring to the NHS.

 

2 hours ago, SpectrumFX said:

I used to be in the USS pension. I changed employers just so that I could transfer the pension to another scheme. 

 

 

Link to post
Share on other sites
4 minutes ago, JFK said:

 

Wow what a shocker eh.  It's been a financial mess for years hasn't it? I remember reading about the 'impending financial crisis' of the USS when I was in it about 2000 before transferring to the NHS.

 

 

I think the issue is that it’s the only public sector pension scheme not actually back stopped by government.  All the rest , teachers pension, local government, etc, are essentially funded by the state. 

Link to post
Share on other sites
4 minutes ago, One percent said:

I think the issue is that it’s the only public sector pension scheme not actually back stopped by government.  All the rest , teachers pension, local government, etc, are essentially funded by the state. 

 

Local government (LGPS) is self-funded. I don't know whether it is back-stopped by government but it isn't paid out of general taxation like the civil service or armed forces.

I have flagged this as a problem given the big decline in the number of council staff over the last ten years meaning that despite the bigger deficits there are far fewer active members contributing.
 

Quote

 

About the LGPS

The LGPS is one of the largest public sector pension schemes in the UK with over 5 million members. It is governed by regulations made by Parliament. They consult with Trade Unions and employer representatives about the regulations.

Administration of the scheme

The scheme is administered locally through regional pension funds in England and Wales.

 

https://www.kentpensionfund.co.uk/local-government/current-member-paying-in/about-the-lgps-scheme

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Recently Browsing   0 members

    No registered users viewing this page.

×
×
  • Create New...