Universities Superannuation Scheme (USS) is one of the largest pension schemes in the UK, providing retirement and ill health benefits, as well as life cover, for academic staff. In 2019, it saw Trinity College of Cambridge leave the scheme to avoid potential foreclosures costs. It is a hybrid scheme with both a defined benefit part (“Retirement Income Builder”) and a defined contribution part (“Investment Builder”). About half of the portfolio sits in the UK, including significant stakes in Heathrow Airport and in Thames Water.