19 May 2011
University Council Agrees Changes to USPS
Following a thorough process of review and consultation over many months, the University of Sheffield Council met yesterday (18 May 2011) to consider the pension provision for all staff on grades 1 to 5. In what was a specially convened meeting to consider these matters in detail, the Council approved the following:
1. The present University of Sheffield Pension Scheme (USPS) arrangements are unsustainable and require amendment.
2. The final salary section of the USPS will close to future accrual for current members by no later than 31 March 2012.
3. A new Cash Balance Scheme will be available to all University of Sheffield staff on grades 1 to 5 with effect from a date prior to the closure of the final salary section of the USPS.
The University will seek to determine the precise implementation dates following further discussion with the trade unions.
There will be further communications with University staff explaining the implications of the Council decision in the near future, and the University will be also meeting with the trade unions next week.
Further background information on the review process, including frequently asked questions and an on-line modeller can be found at: www.sheffield.ac.uk/uspsreview