Report and Accounts

The report marks USS's 50th anniversary while reporting a £10.1bn defined-benefit surplus at 31 March 2025. It also reports continued progress toward its investment net-zero ambition, with non-sovereign DB emissions intensity falling from 54.6 to 44.2 tCO~2~e per £m invested on a Scope 1 and 2 basis, and describes interim reduction targets through 2030.