Universities UK has begun the first major independent review into the governance of UK higher education’s largest pension fund since it was established nearly 50 years ago.
A consultation has been opened into the terms, scope and structure of the review, which aims to identify “meaningful and implementable” changes to improve the running of the Universities Superannuation Scheme (USS), which oversees the pensions of 460,000 members.
Employers first agreed to carry out the exercise as part of the controversial 2020 valuation, which preceded a tumultuous period in the sector, with widespread industrial action held in response to cuts in retirement benefits.
