Rachel has issued the following response to constituents who have contacted her about pension schemes for academic staff in universities.
Universities and their staff play a vital role in our economy, ensuring that people have the skills they need to get on in life.
Universities are subject to regular assessment of their financial sustainability, management and governance. Government sets the legislative framework for pension schemes to operate within. However, it is for the trustee and employer to agree appropriate plans to ensure schemes are adequately funded. This is overseen by the independent Pensions Regulator. Where The Pensions Regulator believes that a scheme’s position warrants its involvement, it can intervene. Importantly, it has powers to protect member benefits under circumstances set out in legislation, and that remains the case.
I am reassured that there is a review of the scheme every three years, and that a recent study found the ability of employers to financially support the scheme is strong and can be expected to remain so for at least 30 years.
I hope this reassures you that a lot is being done to monitor the scheme’s progress. For this reason I will not be signing EDM 619.
Date published: 7 March 2018.
As with all items in the FAQ Library, answers are subject to modification as events and circumstances change and evolve. If you would like an answer that is more specific to your circumstances, or to seek and up-to-date response, please email rachel.maclean.mp@parliament.uk.
