Lecturers at 68 top universities are voting on whether to impose a marking boycott over plans which could drastically reduce their pensions.

Russell Group employers want to end the lecturers’ final salary scheme, slap on a £40,000 earnings cap and increase the payments required from staff.

The University and College Union (UCU) says employees of the top-tier group of universities, which includes Oxford and Cambridge, face losing thousands of pounds if managers get their way.

The proposals would cost Russell group university lecturers up to £20,000 a year, and staff would receive 36 per cent less than their peers in former polytechnics, UCU said.

Russell Group universities are covered by the Universities Superannuation Scheme. Former polytechnics — the “new” universities — have their own scheme.

The ballot closes on Monday, October 20.

UCU is calling for a marking boycott and a refusal to set exams. The action would mean students would not be set coursework or receive formal marks and feedback, and exams would be halted.

UCU general secretary Sally Hunt (pictured) said: “The Russell Group of universities and other self-described elite institutions often boast about being the leading lights of the UK higher-education sector.

“However, if these radical changes are forced through they drop to the bottom of the table for staff pensions.”

She said one result of the proposals could be that lecturers would choose to teach at the “new” universities, rather than prestigious centres such as Oxford, Cambridge and Durham.