The USS pension scheme

The Universities Superannuation Scheme (USS) is the largest non-Government pension scheme in the UK, with assets of around £70 billion and over 400,000 members.

It dominates the University Sector, with almost every higher education institution in the UK participating in USS pension scheme to some extent.

With over 40 years of history, USS is a uniquely complex superannuation pension scheme, with in-house investment management and actuarial teams and several hundred full-time staff.

In recent years, however, as pension costs increase and university finances are challenged as never before, the costs of maintaining pension provision through USS have come under ever greater scrutiny. The 2017 and 2018 valuations have been controversial and contentious and higher education institutions are under increasing pressure to manage costs and reduce risk while maintaining a good level of benefits for staff.

The options for organisations with exposure to USS can be limited, but we have worked with a number of institutions to manage their costs and rationalise their pension provision, as well as providing independent context and explanation around the situation with the USS.

For example, we have:

• helped institutions understand and respond to USS consultations
• presented to university governors, explaining USS issues

Get in touch with our team to find out how we can support you.