the USS scheme implemented in April 2022. Cuts of 2022 In February 2022, the following cuts were imposed to take effect from April 2022 (with the exception of indexation): Accrual rate cut for defined benefits from 1/75 to 1/85 of salary. (The lump sum payment remained at three years of pension benefits immediately on retirement.) The DB/DC threshold was lowered from around £60,000 to £40,000. Income up to the DB/DC threshold is used to calculate the amount of defined benefits. 20% of income above the threshold is put in the defined contribution pot. Inflation indexation remained at CPI if CPI is at least 0% and less than or equal to 5%, 5% plus half the difference between CPI and 5% if CPI is between 5% and 15%, and 10% if CPI is above 15%. From April 2026, indexation will be capped at 2.5%; that is, it is will be CPI if CPI is at least 0% and less than or equal to 2.5%, and will be set at 2.5% if CPI is above 2.5%. It remains the case that if CPI is negative, pensions will not fall. Employee contributions increased from 9.6% to 9.8%. Employer contributions rose to 21.6% of salary. Management and Investments The scheme publishes detailed annual reports, available online. Returns on the portfolio over 5 years to 31 March 2019 were an annualised 10.09% per yr. Through the 1990s and into 2020, the fund's main asset classes were UK, European and US equities; US and UK bonds; UK property; and cash. USS's liabilities are all in sterling and, from April 2006, USS began hedging all foreign exchange risk (having previously hedged none). In 2019, the largest asset classes were Listed Shares (40.92%), Other private markets (21%), Index-linked bonds (19.84%) with smaller holdings in fixed income (8.55%), property (5.51%), government bonds (4.85%) and cash (4.49%). The fund is underweight US equities. A decade earlier (2011), the distributions were: 60% equities (UK 23.06%, EU 18.32%, US 18.32%), cash (5%), 10-year UK government bonds (12.3%), UK property (7%), hedge funds (8%), and commodities (8%). Commercial assets have included Telford Shopping Centre in Telford, Shropshire (sold to Hark Group and Apollo Real Estate), and the Grand Arcade development in Cambridge and Forestside Shopping Centre, Belfast. The latter was bought from Sainsbury's for £50 million in 1998 and sold in 2001 for £70 million. They currently own Moto Hospitality. In 2013, Australian