USS deficit reached £37bn in March

Universities are asked to commit for the long term as pension scheme’s shortfall grows

During virus-driven financial turmoil in March, the deficit faced by the UK’s largest academic pension scheme if all employers were to cease their contributions reached £37.4 billion.

With stock markets taking a pounding during the Covid-19 pandemic, at one point £10bn was wiped off the value of the Universities Superannuation Scheme, a USS spokesperson has confirmed.