UK. Parlament Probes USS Pension Plan
A prominent member of British parliament and chairman of the work and pensions committee is pressing the country’s largest privacy-sector pension fund for details on how it will cut its £17.5 billion ($22.4 billion) deficit.
The Universities Superannuation Scheme, or USS, is set for closer scrutiny after the parliamentary committee’s chairman Frank Field wrote its trustee board asking how it plans to shore up its increasing shortfall. With more than £60 billion in assets under management, USS tends to be the preferred pension plan for lecturers and academic staff working at most pre-1992 universities in the country.
The scheme revealed last month in its annual report and accounts that in the year ended March 31 its deficit about and doubled from £8.5 billion a year earlier. That meant its funding level dropped to 77 percent from 85 percent.
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