Universities Superannuation Scheme (USS)

Universities Superannuation Scheme was incorporated in 1974 and began operating on 1 April 1975. It was created by the UK higher-education sector to provide retirement benefits for university and higher-education staff, and remains focused on that sector.

USS is a hybrid pension scheme: all members participate in the defined-benefit Retirement Income Builder, while many also have defined-contribution savings through the Investment Builder. Its corporate trustee manages the scheme from Liverpool and London, while wholly owned USS Investment Management manages most investment assets in-house.

The organisation is especially strong in large-scale, long-horizon institutional investing. Its portfolio spans public equities, infrastructure, private growth, private credit, real estate and liability-matching assets. USS also has an established responsible-investment and stewardship function, including ESG integration, manager oversight and policy engagement.