A recent pensions webinar organised by Cambridge University gave a really good insight into both sides of the pensions dispute and in particular into the reasons why the tendency to risk aversion is so strong on the USS side. 

What came out clearly, however, was that, under the existing regime, only in the distant future (towards end of 21^st century) is there even a modest chance of the fund being unable to deliver on its pensions promises and that, looking back into the past, modelling based on the last 120 years does not support the need felt by USS to derisk so drastically – unless that is, said one of the speakers, ‘a general decimation of humanity’ takes place (i.e. via global warming or something) and in that case USS would be trying to ‘protect us from the unprotectable’. 

What was reassuring too was that this was not some kind of UCU ‘propaganda’ exercise. It was introduced by the Vice Chancellor of Cambridge University, chaired (very well) by Chris Havergill, Times Higher Education pensions reporter, and contributed to by the Chief Financial Officer of Cambridge University and by acknowledged academic pensions experts from Imperial College and Cambridge University Business School.  And the whole thing was conducted in a spirit of attempted understanding and conciliation between the sides. 

It is publicly available for all to watch : here is the link