University and College Union (UCU) members have voted to end their dispute over the Universities Superannuation Scheme (USS), which has seen a total of 69 days of strike action since 2018.

Nearly all (99 per cent) of the 19,000 UCU members who took part voted to end the dispute, after employers recently confirmed that pension benefits are set to be restored by 1 April 2024.

Subject to the valuation and consultations, the accrual rate will be restored to the pre-April 2022 level, rising from 1/85 to 1/75 of salary, while the scheme the salary threshold would increase to within the range of £66,400 to £73,040 with effect from 1 April 2024.

This will also continue to increase annually in line with inflation, as the changes look to remove the cap on increases to benefits built up from 1 April 2022 from 2.5 per cent (before and after retirement) to take into account inflation.

In addition to returning pension benefits to their pre-April 2022 levels, employers are also set to make an additional one-off pension payment of around £900m, with both the restoration and one-off payment set to add an extra £16-£18bn into pension pots.

Further cuts to contribution rates are also expected from as soon as January, with both members and employers set to pay less than the 9.8 per cent and 21.6 per cent respectively that is currently contributed.

UCU general secretary Jo Grady said: "This is a momentous day, not just for our members, but for workers everywhere. After taking 69 days of strike action in a five year battle to defend our pensions, we have won and within months university staff will see the UK's largest private pension scheme fully restore our pensions.

"For years, our members were told that what they were demanding on pensions was impossible. When I stood for election, I made it clear that I didn't believe this, but that we would only win by pulling together and never giving up.

"Today is a historic victory for UCU members, and they should be rightly proud of what they have achieved. Over three months of picketing, countless days of action short of a strike, ballots, and campaigning have brought us here.

"We hope this victory inspires other workers who have also seen their pension slashed. But we won't stop here - the same dedication that fuelled this pension fight is felt just as intensely when it comes to pay, workloads and job security.

"We will not stop until we create a higher education sector that properly values all its staff."

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