Top UK University Union Members to Strike over Pension Changes

Furious after the Universities Superannuation Scheme announced plans to change its defined benefit schemes to defined contribution, top UK universities are planning to strike in the coming weeks.

Should last-ditch talks scheduled for Tuesday fail, the University and College Union is planning to take action February 22 with a two-day walkout, possibly leading to five-day block over a series of weeks, according to BBC.

Union members in the possible 61 universities affected by the strike will work to contract, but will not be covering classes or perform any voluntary work. They will also not make up any classes lost during the strike. The chain of affected universities includes Oxford, Cambridge, Imperial College London, UCL, Edinburgh, Glasgow, Manchester, and York.

The BBC reports that the average professor would lose £200,000 ($279,677.81) over the duration of their retirement due to these changes.

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Out of 68 universities that are members of the scheme, 61 voted in favor of striking — 88% for strikes, 93% preferred short strikes. The overall turnout was 58%.

According to a statement, the UCU “hoped that the overwhelming mandate for strike action would focus universities’ minds and that more vice-chancellors would publicly pressure UUK to agree a deal,” and was happy for extended talks so that the issue may be resolved before a strike were to occur.

“Universities will be hit with levels of strike action not seen before on UK campuses if a deal cannot be done over the future of USS pensions. Members have made it quite clear they are prepared to take action to defend their pensions and the universities need to work with us to avoid widespread disruption,” UCU general secretary Sally Hunt said in a statement. “Even at this late stage, we urge universities to work with us to reach an agreement that protects the defined benefit element of USS pensions.”

Tags: Pension, UK, Universities Superannuation Scheme, University and College Union

William “Bill” Bain, founder of Bain & Co.

William “Bill” Bain, founder of Bain & Co., named by Boston Business Journal as “one of Greater Boston’s 100 most influential business people in the 20th century,” died peacefully in his home in Naples, Florida, at the age of 80 on January 16, according to his obituary. The “proud Tennessean” graduated from Vanderbilt with a degree in history, and went on to work for his alma mater, later becoming the school’s development director. Despite his lack of business education or significant business experience, Bain had a rare ability: he was able to connect swiftly with the CEO alumni of Vanderbilt. It caught the attention of Bruce Henderson, a Vanderbilt alum, who recruited him to join Boston Consulting Group (BCG).

In 1973, seeing the need for business strategy consultants, he founded Bain & Co. Mitt Romney was one of Bain’s mentees and key hires, according to The New York Times, later succeeding him as the chief executive of Bain & Co. when the firm struggled after taking on too much debt.

“It’s hard for me to imagine my life and career without Bill Bain’s mentoring,” Romney said in a statement after Bain’s death to The New York Times. “He hired me, taught me, and gave me the opportunity of a lifetime. His vision and confidence made Bain Capital possible.”

In 1984, Bain co-founded Bain Capital, a private equity firm, which now has over $85 billion under management and a controlling interest in a number of large private and public companies. By the early 1990s Bain transitioned leadership of both firms, and co-founded Bain, Willard Companies, a boutique private equity firm.

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Bain & Co. released a statement, “Remembering Our Founder,” that credited him with transforming the industry. “With a vision to redefine the consulting industry from selling hours of advice to selling profits at a discount, Bill pioneered the approach to developing long-term relationships with his clients, bringing data-led perspectives on their most critical issues and aligning with management as a trusted partner.”

Tags: Bain & Company, Bill Bain, Mitt Romney