Motion unanimously passed at the branch meeting, Wednesday 19 June, 2019.
The Queen Mary branch of the University and College Union recognises that,
- The trustees and executives of the Universities Superannuation Scheme must balance the interests of members and the requirements of The Pensions Regulator when making decisions about the pension fund.
However, we note that the USS under the leadership of Bill Galvin has,
- systematically failed to meaningfully consider those interests,
- undermined employers and members confidence in the fund,
- been rebuked by The Pensions Regulator for misrepresenting statements made by the regulator, and
- not engaged in the types of communication that would restore confidence in the fund and its management.
The branch, therefore, calls on the USS Trustees to
- take more careful stock of the wishes of the members in whose interest the fund is supposed to be run,
- ensure that instruments agreed by members and employers, such as the Joint Expert Panel, are fully used to understand the wishes of the members,
- review the governance arrangements to ensure that members interests are given full voice on the Trustee’s Board in in executive decision making,
- ensure that the fund clearly pushes back against guidance from the regulator when the unique characteristics of the fund, including its strong collective guarantee, are not given adequate consideration, and
- take appropriate action to ensure that communications from key stakeholders are not misrepresented.
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