UNIVERSITIES SUPERANNUATION SCHEME LIMITED

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

Ernst & Young LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“In performing their going concern assessment, the directors have reviewed the principal risks and uncertainties facing the Group as set out on pages 3 to 5. The Group's fundamental objective and purpose is to manage the day-to-day administration of the scheme and therefore the main risks from a going concern perspective relate to the ability of the company to continue to administer the scheme. These risks identified are not considered to be of a magnitude which casts significant doubt on the Group's ability to continue as a going concern for at least the 12 months following the approval of the financial statements. The Group receives reimbursement for all of its expenditure from the scheme which has sufficient resources to continue supporting the activities of USSL and its subsidiary, USSIM. The directors have reviewed the cash flow forecasts of the Group, and the scheme, for a period of 12 months after the date of approval of the financial statements. The impact of recent U.S. tariff policies, inflation, interest rate fluctuations and global market volatility have brought about increased market uncertainty, however, the directors consider the Group to be operationally resilient. There have been no material operational incidents or losses post year end. Consequently, the financial statements have been prepared on the going concern basis.”

Group structure

1. UNIVERSITIES SUPERANNUATION SCHEME LIMITED · parent
   1. USS Investment Management Limited 100% · United Kingdom · Investment management and advisory services
   2. USS Secretarial Services Limited 100% · United Kingdom · Non-trading
   3. USS Asset Management Limited 100% · United Kingdom · Non-trading
   4. Universities Investment Management Limited 100% · United Kingdom · Non-trading

Significant events

• “Following the March 2023 valuation which was completed in December 2023 and indicated an estimated funding surplus of £7.4bn, changes to the contribution rates and pension benefits were implemented.”
• “On 1 January 2024 the member contribution rate reduced from 9.8% to 6.1%, and the employer rate reduced from 21.6% to 14.5%.”
• “On 1 April 2024, the defined benefits offered by the scheme were restored to pre-April 2022 levels, and a one-off uplift was applied to the benefits of eligible members who paid into the scheme between 1 April 2022 and 31 March 2024.”
• “As at 31 March 2025, the interim assessment indicates that the scheme is still in surplus.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

6

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +32.9%

  £143,755,000 → £191,098,000

• Cash

  -30.4%

  £293,000 → £204,000

• Net assets

  —

  Not reported

• Employees

  +12.6%

  636 → 716

• Operating profit

  -43.4%

  £2,571,000 → £1,454,000

• Wages

  +15.1%

  £52,379,000 → £60,281,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers