USS has published a note from Bill Galvin, Group Chief Executive, updating sponsoring employers on the scheme’s latest Financial Management Plan monitoring report – which gives an indication of the funding position at the end of December 2022.
USS held its latest Institutions’ Meeting recently, giving the scheme’s sponsoring employers the opportunity to hear about the trustee’s performance and priorities, and to ask questions.
Universities Superannuation Scheme Limited (USS) – the trustee company of the largest private pension scheme in the UK by assets – has achieved the Customer Service Excellence (CSE) quality mark.
Some UK defined benefit (DB) pension schemes have been experiencing liquidity issues linked to Liability-Driven Investment (LDI) strategies and recent unprecedented changes in the value of index-linked UK government bonds.
From a funding perspective, interest rate rises are having a positive impact – but the volatility in the UK market clearly driven by recent government announcements makes it very difficult to establish a long-term view.
Bill Galvin has informed the USS Board of his decision to stand down as the scheme’s Group Chief Executive.
USS has retained its position as a signatory to the Financial Reporting Council’s (FRC) Stewardship Code.
USS completes £300m ground rent agreement to acquire Butlin’s real estate sites at Skegness, Minehead and Bognor Regis.
Universities Superannuation Scheme has published its annual Report and Accounts, covering the financial year to 31 March 2022. At 31 March 2022, total assets under management were £90.8bn (2021: £82.2bn). Its defined benefit (DB) fund stood at £88.9bn (2021: £80.6bn), while its defined contribution (DC) assets totalled £1.9bn (2021: £1.6bn).
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