The University of Strathclyde has today approved a change to the pension provision for a number of staff members. The move will see the University both strengthen its financial position and also ensure that all staff have access to excellent pension provision.
The University’s Court unanimously supported a proposal to transition members of the Strathclyde Pension Fund (SPF) into the University Superannuation Scheme (USS). This decision follows nine months of extensive staff consultation and engagement with campus unions.
University Principal, Professor Sir Jim McDonald, welcomed the decision, saying: “Throughout the process, we have been guided by the University’s values. This decision has been made for the good of all of our staff and students and to secure a sustainable basis for Strathclyde’s continued success.
“This is a crucial step for the University in ensuring financial resilience while maintaining excellent pension provisions for our staff. The higher education sector across the UK faces substantial financial pressures, and we are fortunate to have the opportunity to make this change proactively. This transition will allow us to access the surplus within the SPF scheme while protecting our staff, students, and the broader University community from wider sector challenges.
“This decision will provide us with the time and resources to secure our long-term sustainability while continuing to deliver on the ambitions set out in the Strathclyde 2030 Strategy.”
Financial sustainability
At today’s meeting, Court members engaged in a detailed discussion, examining all aspects of the business case before approving the move. The University’s Executive Team had previously given its unanimous support to the proposal, underscoring its significance in securing long-term financial sustainability.
The decision means that staff currently in the SPF scheme will now transition to USS, a defined benefit pension scheme that already supports over 3,000 Strathclyde employees. This move will not only harmonise pension provision across the University but will also ensure excellent benefits for all staff.
Currently, the SPF scheme holds a surplus of £106.5 million, subject to actuarial valuation. The transition will allow the University to utilise this surplus to reinforce its financial position, providing additional stability during challenging times for the higher education sector. Importantly, the pension benefits built up by staff within the SPF scheme will remain protected.
The University will now move forward with implementing the transition plan, ensuring a smooth process for all affected staff while maintaining its commitment to high-quality pension provision and financial security.