The BUFDG Pensions Group meets twice-yearly to discuss matters of concern and to undertake work to inform the debate and action required in higher education institutions and other sector organisations.
Staff in UK higher education institutions are members of:
- USS - Universities Superannuation Scheme (mainly academics and senior administrators in pre-1992 Universities)
- STSS - Scottish Teachers' Superannuation Scheme (academic staff in Scottish post-1992 institutions)
- TPS - Teachers' Pensions Scheme (mainly academic staff in post 1992 Universities and Colleges of Higher Education)
- LGPS - Local Government Pension Scheme (Support staff in a variety of institutions) Each Local Authority administers its own scheme within LGPS
- NHSPS - National Health Service Pension Scheme (Some staff in Medical Schools)
- SAUL - Superannuation for the University of London (support staff in the University of London and area)
- A scheme specific to the institution, members are usually support staff in pre-1992 institutions
There are other arrangements but this list covers the majority of staff in a pension scheme in higher education.
The issues facing pension schemes in higher education are no different from schemes in other sectors of the economy. However, they may in fact be less controllable, since many HEIs are members of schemes in which they have very limited or no influence. For example, many institutions are members of the Local Government Pension Schemes.
UniversitiesUK has recognised that the provision of retirement benefits is a major concern to higher education institutions and is conducting a study to examine possible options for the sector over the next ten years and more. BUFDG is working with UUK on this project.