Universities Superannuation Scheme

Established in 1974, Universities Superannuation Scheme is a private pension scheme and the principal pension scheme for universities and Higher Education institutions in the United Kingdom. It provides retirement and ill health benefits, as well as life cover for academic staff. As a hybrid pension scheme, it has both a defined benefit part and a defined contribution part. Defined benefit has GBP 88.9 billion in assets and approximately 500,000 members whereas defined contribution has GBP 1.9 billion in assets and has around 97,000 of its members.