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Universities Superannuation Scheme Limited – the trustee of the UK’s largest private pension scheme by way of assets – has reinforced its view of climate change as a financial risk to the returns generated by its assets by announcing its ambition to be net zero for carbon by 2050, if not before.

An archive of information from the 2017 valuation.

USS is a long-term, responsible investor with a legal duty to invest in the best financial interests of the scheme’s members and beneficiaries, so we can pay pensions now and long into the future. Being a “responsible investor” will mean different things to different people but, for USS, the key element here is “best financial interests”.

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.

If you have pension savings elsewhere that you haven’t started taking and the scheme is registered with HMRC, you could transfer the pension benefits to the Investment Builder from most pension schemes.

Universities Superannuation Scheme Limited (USS) today announced that it has acquired a 49.9% interest in Airport Link Company (ALC) from Westpac Essential Services Trust, managed by Hastings Funds Management Limited, adding to the stake USS already owns.

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.