"We are close to getting a negotiated agreement, " he added, during Lords second reading of the Superannuation Bill, which has already cleared the Commons.
Opening the first debate on the Superannuation Bill on 7 September 2010, Cabinet Office Minister Francis Maude said the current scheme was no longer affordable.
"Members of the Universities' Superannuation Scheme (USS) see their pension contributions as deferred salary and the pension provision as part of their remuneration packet, " she added.