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Our approach to responsible investment. USS is a long-term, responsible investor with a legal duty to invest in the best financial interests of our members and beneficiaries, so we can pay pensions long into the future.

The trustee publishes a wide range of documents on its website relating to its investment strategies, principles, beliefs, policies, and activities.

USS’s funding position has continued to improve since its last valuation in 2023, which showed a surplus after more than a decade of reporting deficits.

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.

The Joint Negotiating Committee (JNC) has a number of responsibilities. They're able to propose rule changes themselves, and they're in charge of approving any rule changes we or the Advisory Committee may suggest.

The Private Markets Group (PMG) was established in 2007 and currently manages c. £18 billion in assets, comprising more than a quarter of USS’s total assets under management. These assets are managed by the largest team within USSIM, consisting of nearly 50 professionals from a wide range of background and experience.

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

View our current and previous Report and Accounts and our member summary videos.

View our current and previous Report and Accounts and our member summary videos.