We’ve recently published our 2026 Stewardship Report. This looks at our stewardship activities during the reporting year; it also aligns with the new UK Stewardship Code 2026.
In this article, we explain what liability hedging is, how it helps manage the Scheme’s funding position, and how we set hedge ratios.
With Father’s Day approaching, our colleague Bhavin Dhanani reflects on how the extended paternity leave provided to eligible USS employees is the ultimate career and family reset.
Explaining how the investment performance of the scheme’s DB fund is measured and assessed.
The energy transition isn’t a distant goal — it’s a present-day financial imperative. In a new paper authored by USS Investment Management Limited, with support from Transition Risk Exeter (Trex), we make the case for stronger action from governments, improved management of climate risks and opportunities from asset owners, and a more collaborative approach to managing these challenges.
Climate change is a significant financial risk – one that’s increasingly reshaping the way we look at our investments and their long-term returns. As we publish our latest TCFD report, I talk to the progress we’re making towards our ambition for our investments to be net zero by 2050, if not before. I also talk to our enhanced climate scenario analysis which uses our updated climate scenarios to strengthen our assessment of transition risks and we’ve incorporated physical risks in our scenario analysis for the first time.
Unlike defined contribution (DC) pensions, where members’ benefits depend on how investments perform, a defined benefit (DB) pension is a guaranteed income for life based on a formula linked to salary and years of service. One of our key legal duties as trustee is to ensure the pensions promised to members (our liabilities) can and will be paid when they fall due. This shapes how we invest: by design, our approach does not target absolute returns above all else but rather aims to outperform the scheme’s liabilities and improve the funding position.
We’ve now published our latest Stewardship Report for 2025, which looks at what we’ve done to meet the UK Stewardship Code principles – something that’s widely recognised as the leading stewardship framework globally. Here we touch on what stewardship means for us and look at some examples to bring our activities to life.
We’ve updated USS’s Investment Builder ethical investment options to incorporate a more explicit focus on sustainable investing.