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Value for money

Delivering value for money is a key focus for the scheme and our performance in this area is reviewed in depth by the Trustee Board on an annual basis

...and we score well in each area

  • We are significantly less expensive in total than our peer group*

    CEM (a leading independent benchmarking organisation) compares us to a peer group. In the latest available comparison (2021), we were significantly less expensive in total than our peer group (£117m or 13bps). The substantial advantage in Investments more than offsets the higher Pension Administration/Scheme Governance cost.

    *costs are presented on the CEM Benchmarking basis. Scheme Costs reported in the CFO section of the Annual Report and Accounts are £259m.

  • We scored 3rd highest for member service overall

    CEM scored us 3rd highest overall compared to our peer pension administration group in the latest survey and very close to the top two (our score was 75 out of 100, above the peer median of 67).

  • DB balanced scorecard rated 'Better than Good'

    We introduced the DB investment balanced scorecard in 2022. This allows the trustee to holistically assess USSIM’s investment and advisory performance.

    You can see how the Investment Committee assessed USSIM’s performance on our investment balanced scorecard page.

We score well in a global pensions transparency benchmark, with a rating of 78 compared with a UK average of 64

To ensure we inform stakeholders about how their scheme is managed, we provide updates including investment and cost performance via a range of published and face-to-face mechanisms. Benchmarking reports that we provide a greater level of transparency of disclosures compared with a peer group of 75 pension funds from 15 countries. We received a transparency rating of 78, compared with a UK average of 64 and a global average of 60. The analysis considered performance, governance, cost, responsible investing, and integrated reporting disclosures.