The Universities Superannuation Scheme is a pension scheme in the United Kingdom with £89.6 billion under management as of August 2021 (up from £67 billion in 2019). It has over 400,000 members, made up of active and retired academic and academic-related staff (including senior administrative staff) mostly from those universities established prior to 1992 (staff in the post-1992 universities are mostly members of the Teacher's Pension Scheme). In 2006, it was the second largest private pension scheme in the UK by fund size. The headquarters of Universities Superannuation Scheme Limited (USS) are in Liverpool. History The Federated Superannuation Scheme for Universities, 1913–1974 In 1911 the President of the Board of Education established an Advisory Committee on University Grants. This research formed the basis of the predecessor of USS, the Federated Superannuation System for Universities, which was approved by the Board of Education and membership became compulsory for new appointees post 1 October 1913. The basic plan criteria were: The benefit was an annuity or cash payment through an insurance policy maturing at age 60. Optionally, benefits were available for dependants on death in service. The policy was held in trust by the member's institution and was transferable to a new institution if required or to an individual on leaving the University service. Members contributed 5% of salary and the employer matched this until 1920 when the employer contribution was increased to 10%. Administrative staff on salaries comparable to academic staff were also eligible to join. However, perceived drawbacks of the scheme were that it did not link to final pay, access was contingent on a medical examination, there was no guarantee for dependents, little provision for risk benefits, and no indexation of benefits. It compared unfavourably to the defined benefit scheme introduced for school teachers under the School Teachers (Superannuation) Act 1918. From 1958 to 1969 several committees were established to review the present arrangements. The recommendations for a defined benefit scheme were initially rejected by universities in 1960 and again by a committee in 1964, who concluded it was “unable to make a clear recommendation in favour of either system”. Universities Superannuation Scheme, 1974–2011 In 1969, a joint consultative committee (JCC) for the reform of FSSU was established, and commissioned a report from Geoffrey Heywood (the FSSU consulting actuary) that included a proposed outline for USS. It was to be a one-eightieth scheme with a three times annuity lump