Stephen Toope, Cambridge’s vice-chancellor, has issued a statement welcoming the latest proposal to resolve the ongoing USS pensions dispute.

Following discussions last Friday, Universities UK and the University and College Union (UCU) proposed to establish a joint panel of experts to consider the controversial University Superannuation Scheme valuation – which is at the heart of ongoing industrial action – and the assumptions and tests which underpin it.

In a statement on the University’s website, published on Thursday, Toope said he welcomed the idea of a panel to “review the valuation and to look at changes in benefits and contributions” whilst also reiterating Cambridge is prepared to make “higher pension contributions and take more risk to achieve an interim pension solution.”

The proposed panel will be made up of an equal number of both actuarial and academic experts, nominated by both sides.

The vice-chancellor has come under criticism from some quarters for his handling of the dispute, with over 800 alumni of the University signed an open letter to Toope, expressing their disappointment. Towards the end of Lent Term, he made a series of concessions in response to growing pressure from staff walkouts and a student occupation of the Old Schools building.

Academics and staff walked out for 14 days during February and March, and several have resigned posts as external examiners to increase pressure throughout the higher education sector. Further strikes are planned for the coming term.

UCU has opted to ballot its members on the proposal, with a vote expected to take place within the next fortnight.

“For the avoidance of doubt, Cambridge accepts the level of risk implied by the Trustee’s proposals and assumptions in its September 2017 valuation,” Toope said.

He said the proposal “offers a solid starting point for the union and employers to work together to ensure an acceptable interim solution and the way forward to a long-term resolution of pension provision for the sector.”

Despite this, Toope conceded that a resolution to the dispute was still some way away, acknowledging the need to “rebuild trust” and “create a better and more representative system of negotiation”.

He re-emphasised his announcement that the University will not expect academics who have gone on strike to reschedule teaching time without compensation and that pay will not be deducted from “those taking action short of a strike”. In addition, staff who have had their pay deducted will have the option to have their deductions spread over the period of three months.