Pensions
Pensions are an important and valued part of the remuneration package in HE and the sector currently supports a number of high quality final salary pension schemes. However, as the sector is aware, change will be needed and provisions need to be made by employers and employee members to ensure the sustainability of pensions in HE.
The Employers Pensions Forum
The Employers Pensions Forum (EPF) was established by GuildHE, Universities UK (UUK) and UCEA in 2007 as a broad based forum for HEIs to discuss current and longer term pensions issues and to develop a strategy that will enable the HE sector to continue to offer staff access to high quality pensions schemes as an important part of the total remuneration package.
For more detail on the work of the EPF, visit the website at www.employerspensionsforum.co.uk
Consultation with the sector
The Employers Pensions Forum, supported by the Hefce Leadership Governance and Management Fund (LGM), carried out a survey of all HEIs in 2007. The aim was to establish the sector’s views on taking the pensions project forward. The Forum was assisted by Hewitts pension consultants. The resulting document, A strategic enquiry into pension arrangements for the HE sector, can be downloaded below.
The BUFDG (British Universities Finance Directors Group) Pensions Reports for 2006 and 2007, written by Professor Michael Bourn, can be accessed via BUFDG’s website:
The Forum is considering the possible options for developing a pensions strategy for HE into the future in light of the views expressed by HEIs. Independent pensions consultant Peter Thompson’s Pension Provision in the HE sector, Initial Report discusses the issues that need to be addressed. This report is available to download below.
In May 2008, HEIs were contacted to by the Forum to seek their views on how the sector can take these issues forward. Once this feedback has been compiled, the Forumwill also be seeking dialogue with trade union colleagues and other stakeholders and aims to be in a position to feedback to the wider sector on all considered options in the autumn of 2008.
Finally, a Pension Provision in HE: Briefing and Q&A document on the work of the Employers Pensions Forum is also available below.