MyGlasgow News

Members of the University of Glasgow’s Senior Management Group are consulting with the trade unions about the future of the University’s own pension fund. It’s expected that these discussions will form the basis of changes to strengthen the future security of the pension fund which the fund’s Trustees will be asked to approve in a few weeks’ time. A first meeting was held with the trade unions last Thursday and further meetings are being planned.

The University of Glasgow Pension Scheme (UGPS) is the University's local pension scheme, through which the University Court makes available an occupational pension for those employees who do not come within the scope of the UK’s Universities Superannuation Scheme (USS).  These are largely technical, clerical and operational staff who are in job grade levels 1 to 5.

For some time, like many final salary schemes, the University of Glasgow Pension Scheme has been in deficit. This shortfall impacts on what the scheme is forecast to deliver and what would be required to meet pension payments in the future.  Although plans have been put in place to resolve the deficit, the Trustees of the Scheme have been advised by the UK Pensions Regulator to look again at the action plan. This is because the deficit has grown significantly since these measures were put in place due to the continuing global downturn which is impacting on the financial markets upon which most pension funds rely for growth.

The Pensions Regulator has asked that the Trustees require the University to outline ways in which the UGPS can be strengthened for the future including increasing the University’s financial contributions to the scheme.

The University Court is committed to providing a sustainable pension scheme for staff into the future and has set up an expert Working Group to advise it.  The Working Group will make recommendations to Court at its April meeting, having listened to proposals from SMG. 

The process of consultation and review began earlier this year following discussions at the University Court. 

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First published: 1 March 2013