Key terms and important information
Find out the important terms and phrases associated with USS
How we’re set up
Universities Superannuation Scheme (USS) is the pension scheme itself. It’s set up under a trust and is governed by a trust deed and rules.
Universities Superannuation Scheme Limited is the trustee that runs and manages USS in line with the trust deed and rules and legal duties.
USS Investment Management Limited (USSIM) is a subsidiary of Universities Superannuation Scheme Limited. It’s the principal investment manager and advisor to the scheme, looking after the investment and management of the scheme’s assets.
How we’re run
We (Universities Superannuation Scheme Limited) take care of the scheme and the Group Executive Committee looks after its day-to-day running.
We’re supported by our Advisory Committee which helps with difficult issues that arise under the Scheme Rules. And if the rules need changing, it'll need the support of the Joint Negotiating Committee (JNC). The JNC can itself propose rule changes for USS, the pension scheme, and it must also approve any rule changes that the trustee proposes.
We’re also regulated by The Pensions Regulator, whose responsibilities include protecting people's savings in workplace pension schemes and improving the way that those schemes are run. USS is authorised by The Pensions Regulator as a master trust. USS Investment Management Limited is authorised and regulated by the Financial Conduct Authority.
We have an Investment Committee which oversees the investment of the scheme’s assets and advises us on strategic matters relating to investments.
This is all so we can continue providing you with a valuable way to save for your future.
To find out more about our governance structure, have a look at the USS Group Governance Framework and the Articles of Association.
Find out more about the Universities Superannuation Scheme Limited board and the USS Investment Management Limited board.