USS is the pension scheme itself. It’s set up under a trust and has rules that set out what benefits and contributions are payable, and how the scheme is to be administered.
Universities Superannuation Scheme Limited – that’s us – is the corporate trustee that runs and manages USS under these rules.
From 1 April 2016, the Scheme Rules changed in line with our new benefit structure. The deed adopting replacement rules was executed on 19 November 2015. The first phase was implemented 1 April 2016 (when the Retirement Income Builder for all members was introduced). The second phase was implemented on 1 October 2016 (when the Investment Builder was introduced), a copy is provided below.
See how we’re governed for information on how we’re set up.
The Universities Superannuation Scheme Limited Articles of Association are referred to in the Scheme Rules. A copy is provided below.