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When a pension fund’s £10bn return is just not enough

UK academics' pension fund grew to £60.5bn last year, but still failed to beat its target

USS missed out on big gains in US equities after Donald Trump's election as president
USS missed out on big gains in US equities after Donald Trump's election as president Photo: Getty Images

The UK's biggest pension fund delivered a 20% return to its members last year, making more than £10bn – but still failed to beat its investment target, thanks to Donald Trump and Brexit.

The Universities Superannuation Scheme, which pays pensions to 390,000 academics, grew its assets to £60.5bn over the 12 months to March 31, according to its report for the financial year, published yesterday.

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