USS deficit saddles Oxbridge with £400 million pension black hole

The UK’s two most prestigious universities – Oxford and Cambridge – face a pension deficit of more than £400 million after severe investment losses left a £7.5 billion hole in the balance sheet of the University Superannuation Scheme (USS). The Liverpool-based scheme, which provides pension benefits to more than 264,000 academics and other higher education staff, saw its funding fall from £28.9 billion to £21.4 billion between March 31, 2008 and March