#USS ValuationGate
3,691 views10/17/2018
USS actuaries update Bill Galvin about Sam Marsh's discoveries regarding Test 1.
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| 00:00 - 00:03 | Marsh forced us to release the asset projections |
| 00:04 - 00:05 | He knows USS isn't in deficit |
| 00:05 - 00:07 | and the current contribution rate |
| 00:08 - 00:12 | would be enough for the next 20 years |
| 00:12 - 00:15 | even without de-risking our assets. |
| 00:17 - 00:19 | Fine. I assume UCU leadership |
| 00:19 - 00:21 | will muzzle him as usual. |
| 00:24 - 00:26 | Mr Galvin... |
| 00:27 - 00:28 | Marsh... |
| 00:31 - 00:33 | Marsh already tweeted about it. Then Otsuka. |
| 00:34 - 00:36 | USS Briefs and APJ are doing stuff too. |
| 00:53 - 00:58 | Everyone leave the room except for Coughlan, Hill and Tayyebi. |
| 01:13 - 01:15 | A year ago the whole Scheme was going to be closed! |
| 01:15 - 01:17 | I thought I'd never have to talk to a regulator again! |
| 01:18 - 01:23 | I was going to be even richer than I am now! |
| 01:25 - 01:28 | Think about the Defined Contribution management fees! |
| 01:29 - 01:31 | Marsh was just a random branch rep! |
| 01:31 - 01:34 | But then that FUCKING STRIKE happened! |
| 01:34 - 01:37 | All those academics...suddenly getting militant? |
| 01:37 - 01:40 | What the FUCK just happened? |
| 01:40 - 01:42 | Mr Galvin, nobody could have foreseen it. |
| 01:42 - 01:46 | That's what employers are supposed to do! |
| 01:46 - 01:48 | But they used to suck at industrial action! |
| 01:48 - 01:52 | WELL NOT ANYMORE |
| 01:53 - 01:54 | AND NOW WE'RE FACING LEGAL ACTION |
| 01:56 - 01:57 | Of course it would have been fine |
| 01:57 - 02:00 | if they'd accepted the 12 March deal. |
| 02:00 - 02:03 | Cut benefits bit by bit, bleed them slowly. |
| 02:04 - 02:08 | UCU management were fine with that. |
| 02:08 - 02:13 | But the fucking BRANCHES MOBILISED AGAINST IT |
| 02:14 - 02:16 | And then we got the JEP. |
| 02:17 - 02:21 | We thought it would be a bunch of ideologues like John Ralfe |
| 02:27 - 02:29 | But they actually considered the specifics |
| 02:30 - 02:34 | of an open, multi-employer scheme |
| 02:34 - 02:36 | with no shareholders |
| 02:41 - 02:42 | And shat all over our valuation |
| 02:43 - 02:47 | Especially when it came to Test 1 |
| 02:48 - 02:53 | And all the while, Marsh was getting elected |
| 02:54 - 02:56 | to the JNC, so we had no choice but to finally |
| 02:56 - 02:59 | give him the real asset projections. |
| 03:00 - 03:02 | All we can do now is release a bullshit statement |
| 03:04 - 03:07 | It's ok...he'll just fail upwards into another finance job |
| 03:14 - 03:16 | What have we got left to say? |
| 03:19 - 03:23 | Claim we still need massive de-risking |
| 03:25 - 03:26 | and contribution hikes anyway? |
| 03:31 - 03:33 | People will see through us instantly. |
| 03:40 - 03:46 | UCU Twitter will be all over it. |
| 03:46 - 03:49 | And that's BEFORE Josephine Cumbo gets involved. |
| 03:53 - 03:56 | Let's hope she doesn't publish this in the FT. |