scheme, with 316,440 active members, deferred pensioners and pensioners. It was, by this measure, the world's 36th-largest. 374-79 separate institutions participated in the scheme, and its assets were valued at £42 billion. In 2017 it had 190,546 active members. Changes of 2011 Few changes to USS's rules were made until October 2011, when dramatic changes were implemented, partly in response to losses resulting from the Great Recession, and consequent increased projected scheme deficit: USS closed its final salary scheme to new members, replacing it with a career average revalued earnings (CARE) scheme for new members. The retirement age was linked to the UK state retirement age. Contribution rates for members still in the final salary section rose from 6.35% to 7.5%. The scheme changed from being 'balance-of-cost' (in which sponsors are ultimately responsible for meeting promised pensions) to a 'cap-and-share' rule, in which extra contributions would, if necessary, be met 35% by members and 65% by sponsors. The indexation of deferred pensions and pensions in payment was changed from the retail price index to the less generous consumer price index, and uprating of accrued benefits was capped. The changes were the subject of 'heated public controversy' between USS's institutional sponsors and the scheme's members, represented by the University and College Union, and involved lengthy industrial action. Researchers did find, however, that 'the pre-October 2011 scheme was not viable in the long run', whereas the post-October 2011 scheme was 'probably viable in the long run', though it faced medium-term problems as the effects of the changes on the state of the fund would take time to be felt. Subsequent research found that reductions in payout reduced the effective value of making (pre-tax contributions) to USS pension versus having to make after-tax contributions to a private savings by £2.86 billion (£1.86 billion attributable to loss of value for the member contribution and the rest in loss of return to members from the employer contribution). Whereas young members joining the pre-2011 scheme could expect their net wealth to increase by £181,000 (£133,000 gross) relative to opting out of the scheme, those joining the post-2011 CARE section could expect a much smaller increase: £98,000 (£46,000 gross). An earlier study by the same researchers concluded that the reduced wealth of post-2011 entrants was equivalent to an 11% drop in their total compensation or a 13% drop in their salaries. The researchers nonetheless found that the