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Private markets already form an important part of our investment portfolio as we believe they can achieve beneficial investment outcomes for our members over the long term.

There are two parts to USS. The Retirement Income Builder is the defined benefit (DB) part, which provides a guaranteed income in retirement. The Investment Builder is the defined contribution (DC) part, which allows you to save more towards your future in your own savings pot.

USS announced that it will invest £392m in the UK’s largest airport on 24 October 2013.

Technical notes and analysis relevant to our role and duties as trustee.

What are public market investments? These are investments into securities which are traded publicly on exchanges or other recognised marketplaces.

Find out how revaluation is applied to your Retirement Income Builder benefits.

Explaining how the investment performance of the scheme’s DB fund is measured and assessed.

Understand where your contributions go and who makes investments for you.

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.