  This review considers the Universities Superannuation Scheme (USS) valuations
from 2014 to 2023. USS is a 70-80 billion GBP Defined Benefit pension scheme
with over 500,000 members who are employed (or have been employed) at around 70
UK universities. Disputes over USS have led to a decade of industrial action.
New results are presented showing the high dependence of USS pension
contributions on the return from UK government bonds (the gilt yield). The two
conditions of the USS-specific 'self-sufficiency' (SfS) definition are
examined. USS data are presented along with new analysis. It is shown that the
second SfS condition of 'maintaining a high funding ratio' dominates USS
modelling to amplify gilt yield dependence, inflating the SfS liabilities
beyond the regulatory requirements, and leading to excessive prudence. The Red,
Amber and Green status of USS metrics 'Actual' and 'Target' Reliance are also
examined. It is shown that Target Reliance tethers the cost of future pensions
to the SfS definition and that Actual Reliance can simultaneously be Green and
Red. Implications for regulatory intervention are considered. An aim of this
review is to support evidence-based decision making and consensus building.
