UK higher education’s biggest pension scheme has reported a surplus after years of forecasting multibillion-pound deficits, in a development that is likely to intensify calls for cuts to benefits to be rolled back.
The latest monthly monitoring report from the Universities Superannuation Scheme estimates that it is £1.8 billion in surplus – a shift from a deficit that stood at £2.1 billion just three months ago, and at £14.1 billion at the same point in 2020.
Over the past two years, the fund’s assets are thought to have increased in value by £11.1 billion to £77.6 billion, while its liabilities have decreased by £4.8 billion to £75.8 billion.
