Universities Superannuation Scheme
The Universities Superannuation Scheme (USS) is one of the largest principal private pension schemes in the United Kingdom for universities and other higher education institutions. It is a hybrid pension scheme combining elements of both defined benefit and defined contribution plans. Established in 1974, the USS provides retirement benefits to a wide range of staff from universities, including academic and equivalent administrative staff. The defined benefit component of the USS provides a secure pension based on a member’s salary and length of service, while the defined contribution part depends on the amount contributed and investment returns. The scheme is notable for its large scale and significant influence in the higher education sector, managing substantial assets to secure pensions for its members.
