USS bonanza fails to reward its pensioners

The Universities Superannuation Scheme's annual report shows that "incentive" payments to staff in 바카라사이트 fund's London Investment Office rose from nearly ?3.5 million in 2010-11 to ?6.2 million in 2011-12.

Those bonuses were part of 바카라사이트 scheme's overall ?26.1 million in staff costs last year - up from ?20.1 million in 2010-11 - as it took on people to run new projects.

The report shows that 바카라사이트 highest-paid member of 바카라사이트 USS' investment staff earned between ?810,000 and ?820,000 last year, while 17 employees earned more than ?200,000.

According to 바카라사이트 report, 바카라사이트 London Investment Office increased its assets by 0.93 per cent in 2011. This compensated for an almost 8 per cent fall in 바카라사이트 USS assets managed by an external company specialising in global equities.

Meanwhile, USS chief executive Tom Merchant was paid ?261,000, plus ?29,000 in pension contributions - down from last year's overall package of ?335,000.

Sir Martin Harris, 바카라사이트 scheme's chairman and former head of 바카라사이트 Office for Fair Access, picked up ?67,000, while Glynis Breakwell, vice-chancellor of 바카라사이트 University of Bath, was awarded ?29,000 for her work as a director of 바카라사이트 scheme.

The payments coincided with 바카라사이트 closure in October 2011 of 바카라사이트 final salary scheme to new members, who will now receive a career-average pension on retirement.

Overall, 바카라사이트 size of 바카라사이트 USS' assets increased last year by 4.4 per cent to ?34.2 billion, which makes it 바카라사이트 country's second-largest private pension fund.

However, 바카라사이트 fund's deficit rocketed from ?2.9 billion in 2011 to ?9.8 billion in 2012 as liabilities rose by 24 per cent, mainly because of falls in gilt yields caused by quantitative easing, which has led to a recalculation of required future payments.

The report notes that 바카라사이트 scheme's funding level of 77 per cent was "an ongoing concern for 바카라사이트 board, mainly due to 바카라사이트 economic climate and unpredictable investment returns".

jack.grove@tsleducation.com.