However, thousands of members have called for the deal to be rejected.
University staff opposed to the deal announced on Monday evening have pushed for a more "decisive victory".
The joint statement issued by UUK and UCU says that UCU would "encourage its members to prioritise the rescheduling of teaching in order to minimise the disruption to students" from the strike.
Contributions from universities and staff would increase during the transition period, to 19.3 per cent for employers and 8.7 per cent for employees (currently 18 per cent and 8 per cent respectively).
The hashtag #NoCapitulation was trending on Twitter as staff members and students took to social media to voice their anger.More news: Kanye West & Friends Back In Wyoming Working On His New Album
"In three years time we will be demobilised and pressured to accept a worse deal".
"Furthermore, the UCU is effectively calling on us to both reschedule as well as calling off the action before having put it to the membership, two positions that are absolutely unacceptable".
The Guardian reported that the new proposal retained a "meaningful level" of defined benefits for lecturers.
"The agreement on benefits noted above is transitional for the period of this valuation (from 1 April 2019 to 31 March 2022)".More news: Bears to sign Super Bowl hero Trey Burton
"Both UUK and UCU recognise that trust needs to be rebuilt following this dispute".
It concluded: "The work outlined above demonstrates a commitment by both parties to work together and avoid damaging disputes in the future".
University staff who have been on strike across the United Kingdom for 10 days have expressed their dissatisfaction with a deal between employers and union bosses in a bitter dispute over pensions.
Staff at 64 universities in the United Kingdom have been intermittently striking since 22 February, against proposals to change the Universities Superannuation Scheme (USS) from a "defined benefit" scheme, which gives workers a guaranteed income in retirement, to a "defined contribution" scheme, in which pensions are subject to fluctuations in the stock market.More news: Devon Energy (DVN) Now Covered by Analysts at UBS Group