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University pension strike nears end after deal struck

Savings-Education-University-Piggy-Bank-Book-Study-700x450.jpgA new deal has been reached between union leaders and university employers as strikes continue over threatened pension cuts.

According to the BBC, if the terms of the deal are accepted at a union meeting on Tuesday then the strike will be suspended.

The strike is in its fourth week and has disrupted classes at more than 60 universities.

The deal would mean a new, independent re-evaluation of the pension deficit and temporary arrangements to tackle the funding gap. The deal also reportedly says universities must reschedule classes that have been disrupted.

University staff eye pension strike action over plans to cut DB rights

The new proposal reportedly retains a “meaningful level” of defined benefits for lecturers and other university workers, which were due to be scrapped for a defined contribution scheme.

Not everyone is supportive of the deal, however, with some strikers calling for it to be thrown out. An open letter to the University and College Union leadership has called the deal “completely unacceptable”.

The union has claimed the changes to the pension schemes would results in university staff being £10,000 worse off each year in retirement.

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