LECTURERS moved towards industrial action yesterday over downgrading threats to a multibillion-pound pension fund for Britain’s universities. 

Members of the £37 billion scheme face making contributions one-third higher than the current rate to fill an £8bn black hole.

Industrial action staged in 2011 saved the final-salary pension for existing members but newly qualified academics have been forced onto a poorer career average savings scheme.

Now the union warns that pension fund managers are threatening to take more of workers’ monthly wages or slash retirement payouts. 

Even older academics have been warned to brace themselves for a bid to move them onto the worse scheme. 

And UCU members, who have just finished a bitter dispute with university bosses over pay, backed a motion that could see them back on the picket lines from September.

Head of bargaining Alex MacNeil said it would be “folly” not to put pressure on the managers and trustees.

“Many of you are tired after the pay dispute but we need to keep our options open,” he levelled with members in Manchester. 

“The responsible thing to do is prepare members to take industrial action to secure the best possible outcome.”

He said intensive negotiations will take place over the next two months before fund managers and employers put a final deal on the table. 

Leeds University delegate Malcolm Povey backed the union executive’s plan but stressed the pension fight was not an isolated case. 

He said: “Mutualised schemes are coming under a political attack from the City of London who derive massive fees for individual pensions. 

“We need a national campaign for mutual schemes.”

Delegates also demanded Britain’s second-biggest pension fund be used to make ethical investments. 

“It’s our duty to make corporate behaviour more ethically, socially and environmentally responsible,” said Warwick University delegate Juliane Reinecke.