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    UN I V E RS I T I E S SUPERANNUATION SCHEME LIMITED Members’ Annual Report 2006/07 This is a summary report for all members, pensioners and deferred members of USS. It contains summarised extracts in the full Report and Accounts of USS for the year ended 31 March 2007, available in full on the USS website or on request from USS Ltd.


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    USS MEMBERS’ ANNUAL REPORT 2006/07 as there was no significant additional Keeping cost. These last two changes require rule amendments and negotiations have been ongoing since January between the scheme funding representatives of the employers and UCU, representing the members, to agree the precise terms. on track It is somewhat disappointing that these two changes have not yet been agreed, in particular in respect of the move to a standard normal pension age of 65 for all M y first year as chairman of increase by taking steps such as new members, because the board believes USS Ltd has been both busy increasing the retirement age for new that this is fundamental in addressing the and challenging. As well as members in the light of improving inevitable increase in the long-term cost dealing with the seemingly longevity and/or introducing a system of USS arising from improving longevity. unending flow of pension legislation whereby early retirements are paid for I hope a way can be found to take this changes, like all defined benefit pension separately by institutions rather than forward as soon as possible. schemes in the UK the trustee board has being funded generally through the been looking at the cost pressures that are scheme contribution rate. impacting the funding of USS. The main The consultation paper also asked pressures identified by the scheme actuary employers if they wished to take are improving longevity, which is advantage of the opportunity under new common to all schemes, and salary government legislation for USS to increases within the university sector in provide flexible retirement pension excess of previous experience. For these arrangements, enabling employees to reasons we consulted with the employers taper their way into retirement by taking last October about their views of how best a proportion of their pension benefits to meet the likely rising costs. while leaving the remainder in the scheme We remain confident that our investment and continuing to work and build up strategy will meet the costs of members’ further pension entitlement. benefits built up in the past, but we are The results of the consultation showed looking ahead to ensure USS remains a majority of employers favoured the affordable in the longer term because it introduction of charging for early retirement seems inevitable that costs will continue before age 60 and this was introduced in to rise as people live longer. December last year. There was also strong The choices available were to raise the support for the proposal to establish a contribution level, probably in the order standard normal pension age of 65 for all of 2%, or alternatively reduce, or perhaps new members, and the introduction of Sir Martin Harris eliminate, the need for a contribution rate flexible retirement arrangements so long Chairman, USS Ltd USS Website - Changing times www.usshq.co.uk T he USS website is an invaluable tool for members and includes information on all aspects of the scheme, scheme documentation and our most popular facilities used by members, such as our modellers and Pensions TV. In order to continually improve and expand the services provided, USS Ltd is designing a new website and as your views are very valuable to us, we would welcome your feedback. Please complete the online survey which appears when you visit the website or if you are happy for us to contact you at a later date, please provide us with your email address by emailing communications@usshq.co.uk. 2


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    USS MEMBERS’ ANNUAL REPORT 2006/07 Moving your USS benefits abroad M any former USS members decide to live in an overseas country for part of their life, and some decide to move overseas for good. But what are your options if you leave USS before retirement age and become resident overseas? Well, first of all you could leave your pension with USS; this is termed a ‘deferred pension’. This deferred pension increases from your date of leaving to your retirement at the same rate as price inflation in the UK (Retail Price Inflation). You can then draw this pension at retirement; if you live overseas you simply need to open a UK bank account to accept the monthly USS pension payments. But many members want to consider transferring their USS benefits abroad; how easy is this? Well, it depends partly on whether the scheme in the overseas country is willing and able to accept a transfer from the UK and also that the tax authorities in that country are willing for a transfer to be made. Therefore, your first step should be to ensure this is possible and also check to see whether the tax authorities in that country make any tax charge on the incoming transfer. Additionally, HM Revenue & Customs (HMRC) in the UK have requirements, which state that generally a transfer value can be paid only to a qualifying recognised overseas pension scheme (QROPS). In order to be considered as a QROPS, a scheme must first meet the requirements of an overseas pension scheme and must further meet the criteria for being a If the scheme has not registered, it will be There is no time limit in the UK for recognised overseas pension scheme set necessary for an application to be made to making a transfer (although normally out by HMRC. The testing of whether a HMRC. The address for correspondence is: they cannot be made after age 64) but you scheme meets these conditions is the should check whether there are any time HM Revenue & Customs responsibility of HMRC. limits applicable in the overseas country Audit and Pension Scheme Service The scheme in the overseas country or applied by the scheme you are Yorke House needs to register with HMRC to see if it transferring to. Castle Meadow Road can be recognised as a QROPS. If you wish to consider a transfer from Nottingham NG2 1BG You can check to see whether the scheme USS you should contact the new pension you want to transfer to has already registered If, for whatever reason, the scheme does scheme initially and they should then with HMRC by visiting this website not register as a QROPS then the transfer contact USS Ltd directly to obtain a www.hmrc.gov.uk/pensionschemes/qrops.pdf of your benefits cannot take place. transfer quotation. 3


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    USS MEMBERS’ ANNUAL REPORT 2006/07 Salary Salary before ‘sacrifice’ Standard USS contribution £40,000 £2,540 (6.35% of £40,000) Sacrifice Salary after ‘sacrifice’ £37,460 (earnings on which tax and NI are levied) Have you sacrificed yet? Employee contribution £2,540 paid by the employer (in addition to the normal C urrent HM Revenue & Customs (HMRC) rules allow employer contribution) employers to operate ‘salary sacrifice’ arrangements in Contribution paid by employee NIL order to provide various benefits. The pension scheme rules have been amended so that USS institutions can Salary for USS purposes £40,000 establish such an arrangement should they wish, and deal with the pension implications so that members do not lose out and The member saves on national insurance (tax relief would overall scheme funding is not disturbed. have been granted in any case on the member’s contribution, so The most common example of a salary sacrifice arrangement there’s no saving there) and his/her employer pays the ordinary in the recent past has been childcare voucher schemes. However, USS contribution on the member’s behalf. This is a very simple other benefits may be included and a number of institutions are example of how it works. If your employer operates such an presently considering offering a range of benefits under salary arrangement - and they are not, of course, required to do so - sacrifice. But what exactly is a salary sacrifice? A salary sacrifice they will be able to let you know how much you might save as happens when an employee gives up the right to receive part of it does vary depending on your earnings. their pay, usually in return for the employer providing some form It is worth noting that if you become part of an arrangement of non-cash benefit. The advantage to the employee is lower to sacrifice pension contributions and you then leave USS (with national insurance contributions (together with, for certain less than 2 years’ membership), then for the period of any salary benefits, lower tax deductions); the employer also saves in some sacrifice in respect of pension contributions, you would not cases on its national insurance contribution. receive a refund of member contributions as your employer paid Since 1 April 2007 institutions have had a choice to introduce these on your behalf. However, you would have the option of a salary sacrifice in respect of the ordinary USS contribution paid deferred pension or a transfer to another scheme. by members, normally 6.35% of salary. Effectively, if your employer has introduced such an arrangement and if you choose Salary sacrifice arrangements are run by your employer - they to participate (you do not have to do so) your employer then choose whether to run such arrangements and if so, what pays your pension contribution for you, however your salary is benefits should be made available within it. Through changes to reduced by the amount of that contribution. its rules, USS has made provision to deal with the pension But what effect does this have on your pension? Well the easy implications in circumstances where these schemes are answer is none. Salary sacrifice arrangements have no effect on established. In this article we have intended solely to explain the amount of your salary used in any USS benefit calculations how the pensions issues work, but of course there is a range of and the employer must continue to pay the full value of pension other non-pensions issues which employers will need to contributions to USS based on the salary before any sacrifice is consider in deciding whether or not to operate such schemes, made. Here’s a simple example to illustrate how this works for a and (if an arrangement is available) for employees in choosing salary sacrifice arrangement for ordinary USS pension whether or not to participate. For any further information on contributions: salary sacrifice arrangements you should contact your employer. Switch on to Pensions TV! W e know that pensions can be a difficult subject to take in, there may be some decisions you need to make about your future and you’re not quite sure where to go for more information. There’s plenty of written information available from the USS website and printed materials but it’s long been established that TV is a great way to communicate. USS Ltd has launched its very own web-based TV programmes called Pensions TV; why not take a look if you need to find out more about your scheme? 4


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    USS MEMBERS’ ANNUAL REPORT 2006/07 One recent development is that you can now use your USS How would money purchase AVC as the source of your tax-free cash. The only restriction here is that the value of your USS money purchase AVC fund must be within 25% of the total capital value you like your of all the retirement benefits you’re drawing. So, you could pay in substantial amounts whilst working, thereby reducing your tax bill and then take this back as a tax-free lump sum when you pension? retire, plus any tax-free returns you may have received from the Prudential fund option you chose. So, you might decide to take all your tax-free cash from the money purchase S ince new tax rules came into force in AVC, take less or no cash from USS but April 2006 there’s been much more then receive a higher USS pension. Of choice about the amount you can course, you’ll need to work out what’s pay into a pension and how you best for you and take advice if needed. take your benefits when you retire. There is more choice but of course more decisions to make! Paying more into your pension If you’re thinking of taking advantage You can now pay up to 15% of your of these new flexibilities we’d encourage salary into the USS added years facility to you to do this sooner, rather than later, buy more years’ and days’ service, which don’t leave the decision until the last will increase the pension and tax-free couple of years of your membership - start cash you’ll receive. Alternatively, you can planning now. pay up to 100% of your available salary We should point out that you can’t use into the USS money purchase facility tax-free cash you’ve drawn from another (managed by Prudential). pension to finance your extra contributions Remember you’ll still receive tax relief to the USS AVC facilities. This is termed as on these extra payments! ‘recycling’ by HMRC, who will impose tax Many members are already paying charges of up to 55% on the extra payments substantial amounts to the AVC facilities if you do this. More information on and enjoying the tax benefits of this. recycling can be obtained from factsheet one Increasing your benefits by paying Your options when you retire Additional Voluntary Contributions (AVCs). When you retire from USS you can take much more tax-free cash than the More information ‘standard’ package USS provides, which is More information on AVCs can be found three times your standard pension. In fact, in factsheet one, or alternatively take a you can take almost double that amount look at the Pensions TV programme as tax-free cash when you retire. It’s not all good news of course; Increasing your retirement benefits. Also, speak to the person if you take more than the standard tax-free cash then your responsible for pensions at your institution. If you want specific pension is reduced - you ‘cash in’ part of your annual pension to information about the money purchase AVC facility call obtain the extra tax-free cash. Prudential on 0845 070 0007. Of course, tax-free cash isn’t for everybody so there’s also the Also take a look at the range of modellers available on the option to take less cash, or in fact no cash at all, and accept a USS website, including one for added years AVCs and a benefit higher annual pension - remember though, the higher your modeller which allows you to create a retirement projection and pension, the more income tax you’ll pay. Essentially you can take also vary the amount of pension or cash you take at retirement any value of tax-free cash between nil and the maximum so you can consider all your options. currently allowed by HM Revenue & Customs (HMRC). If you need advice visit the ‘Planning’ section of the USS But have you thought about how you might take these benefits website to view a list of suitably qualified financial advisers and from where you might draw any cash? based in your area. This information may be provided in Data protection documents, for example benefits quotations or made available via our secure website. USS Ltd makes sure that the information T he Data Protection Act 1998 calculating the benefits due under it. USS held about you is kept securely and ensures regulates the way in which personal Ltd does not disclose this information that this is also the case if the data is information can be held and except, for example, to scheme advisers in passed onto someone else. We never divulge processed. USS Ltd takes considerable accordance with these purposes. Also we members’ information to commercial care to comply with the Act; we hold provide information about your past and organisations. information about each member for the current service and salary, as it relates to If you have any queries about the Data purposes of administering USS and your benefits in USS, to USS employers. Protection Act you should contact USS Ltd. 5


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    USS MEMBERS’ ANNUAL REPORT 2006/07 Access your Money Purchase Telejoin AVC Account Online If you have decided to start paying money purchase AVCs to the facility administered by the Prudential, or To find out more about the AVC facility you can would like to increase the amount you are currently now also go online at: paying, we have made this process easier. All it www.pru.co.uk/universitiesavc takes is a phone call, charged at local rates. Trained and professional staff are ready to To access your account click on the link on the left side of the answer your questions with factual information. screen headed “Your AVC scheme online” They will explain your AVC options and, if you decide USS members have access to: to pay money purchase AVCs, you can give your instructions • Fund values over the phone and have your contributions working for you as • View individual contribution/plan records soon as possible. • Switch funds • Redirect contributions Why not give them a call on 0845 0700 007* • Change Personal details When logging on for the first time, you will need your If you decide to pay added years AVCs you should contact username and password. The username is the Plan code (U291) your employer. followed by your 9 digit National Insurance number (without The staff are not authorised to give investment advice. If you any spaces) and the password is your National Insurance number. are unsure about the suitability of an AVC you may wish to consult a financial adviser to help you make a decision. Example: There may be other pensions products available to you, such Username: U291AB123456A as FSAVCs and Personal Pensions, although these are not associated with USS. Password: AB123456A *Lines open 9am to 7pm Monday to Friday and 9am to 1pm You will be prompted to change your password the first time on Saturday. Calls may be monitored or recorded for quality and that you access the site. security purposes. 6


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    USS MEMBERS’ ANNUAL REPORT 2006/07 Responsible Pensions investment increases U SS Ltd continues to play a leading U SS pensions in payment, deferred role in Responsible Investment (RI) pensions and deferred lump-sums in the UK and overseas. The fund payable from the main section are is requested to present on its increased annually to reflect the activities, policies and thoughts on RI at change in the index of retail prices over conferences and other fora around the the 12 month period up to the previous world, sharing its experiences and September. enhancing global best-practice. In On 21 April 2007 pensions which satisfied addition, Howard Jacobs, a USS Ltd potential threats and opportunities facing the qualifying conditions and began before Director, has been appointed as a board the pharmaceutical sector, a sector in which 26 April 2006 were increased by 3.6% with member of the UN Principles for the fund has significant exposure. PF2 smaller increases applying for pensions Responsible Investment (PRI). The PRI facilitated a frank exchange of views between which began after that date. Deferred initiative provides a global framework for investors and company management on pensions and deferred lump sums were pension funds and other investors to the key value drivers, challenges, risks increased by the same rate. incorporate extra-financial issues into and opportunities that the sector is facing. More detail on the way in which increases investment decision-making and ownership The collaboration paves the way for future are applied is given in the USS booklet practices. USS Ltd is a founder signatory engagement with companies, particularly Payment of Retirement Benefits, which is and plays an active role in the growth and in the areas of leadership and governance, issued to all USS pensioners on retirement operation of the initiative with a staff trust and reputation management and and is available from the USS website. member participating in the engagement communication. The supplementary section provides and governance sub-committees. The fund continues to seek to any pension paid following a service In the year since the last Members’ understand better the implications of enhancement in the case of incapacity or Annual Report, a review of RI activities was climate change on its investments and death in service. Pensions payable from undertaken and a new strategy for the long-term performance. A member of the the supplementary section (this will be forthcoming five years developed. The review RI team sits on the steering committee of indicated on payslips) are increased to the found that the market-wide activities of the the Institutional Investors Group on extent that the trustee company, acting on fund had been successful but more focus Climate Change (IIGCC) which USS Ltd actuarial advice, decides. Pensions arising was needed on engagement with companies helped establish. IIGCC, in the past six from the supplementary section were and the integration of extra-financial months, has written to the UK increased at the same rates as those that issues into the investment decision-making government, EU and G8 Heads of State to applied to the main section. processes within the fund. voice investors’ concerns regarding To help with the implementation of the climate change policy and run training new strategy, the fund has recruited sessions for investment professionals. additional RI personnel, including a IIGCC staged its second conference in financial analyst, to support engagement, Paris in October 2006, at which Al Gore voting and analysis of extra-financial was the keynote speaker. data to enable our fund managers to more In the US, as part of our market-wide easily integrate this information into strategy, USS Ltd has sought to strengthen decision-making. minority shareholder rights to promote This commitment to integrating extra- better standards of company governance. financial issues into investment decisions For example, we sent a letter to the US builds on the fund’s involvement with the Securities and Exchange Commission on Over the last 10 years the following Enhanced Analytics Initiative (EAI), which behalf of 13 international investors to increases, effective from 21 April each USS Ltd helped set up and run. The EAI support the introduction of a shareholder year, have been awarded to pensions in has dramatically improved the quality and advisory vote on pay at the AGMs of US payment. volume of environmental, social and companies. We also helped set up IRER, % % governance data integrated into investment the International Roundtable on Executive Year Increase Year Increase research. This has been in-part driven by Remuneration, to raise global standards EAI’s growing membership, which now on executive pay and address the growing 1998 3.6 2003 1.7 represents around €1.85 trillion assets disconnect between pay and performance. under management, following the addition Finally, in recognition of the resources 1999 3.2 2004 2.8 of several major global pension fund that the fund puts into communicating on 2000 2.1 2005 3.1 signatories over the past year. these issues, USS Ltd was ranked first for In addition to EAI, USS Ltd co-sponsored disclosure of RI activities in a FairPensions 2001 3.3 2006 2.7 the Pharma Futures 2 (PF2) project which survey of the top 20 UK pensions funds by 2002 1.7 2007 3.6 looked at the investment implications of capital value in November 2006. 7


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    USS MEMBERS’ ANNUAL REPORT 2006/07 Frequently Find out more asked questions about USS - Live! I am an active member… U SS Ltd offers a programme of member presentations and we have visited the majority of universities to speak What effect will reducing my hours directly with members. If you want to learn more about the scheme and want to understand all your options we have on my pension? recommend you come along, there’s also a chance after the Your retirement benefits are based on your pensionable service presentation to ask any questions you might have. and pensionable salary. If you reduce your hours your Whatever your age we’re sure you’ll benefit. pensionable salary will not be affected as we calculate this using the full-time equivalent, but your pensionable service will be Details of institutions we have visited, or are due to visit affected for the period for which you are part-time. Each period during the year, are on the website at www.usshq.co.uk in the of part-time service is multiplied by the part-time service Communications section. fraction applicable to it. For example, 10 years at 50% of full- Please contact your pensions officer if your institution is not time would be 5 years pensionable service. Therefore reducing on this list and you would like the opportunity to attend. your hours would mean less pensionable service used in the calculation of your benefits, but your pensionable salary would be unaffected. Is there a time limit for requesting a transfer in from a previous scheme? Some schemes, including USS and most public sector and some private sector schemes, participate in a ‘Transfer Club’ arrangement. Transfers between Club schemes provide benefits of ‘equivalent value’ and a common calculation method is used. If the scheme you are transferring from is a member of the Transfer Club then you must advise USS Ltd within two years of joining USS of your wish to transfer, in order to benefit from transfer terms. If an offer is made and not accepted, you can re- investigate at a later date, but if it is more than one year after joining, any new offer won’t be on Club terms. For all other transfers your request can be made at any time between joining USS and age 65, or date of leaving if earlier. I am a deferred member… At what age can I claim Membership my benefits? Your deferred benefits are normally payable at age 65 or your of USS Contractual Pension Age (CPA), whichever occurs first. Your CPA T is the age from which you had the right to retire, as stated in he membership of USS continues to grow. Total your contract of employment of your last appointment. You have membership of the scheme has increased by 5.6% to the right to bring your deferred benefits into payment once you 239,144 members in the year to 31 March 2007. The reach age 60, but if this is before your contractual pension date, number of institutions participating in the scheme has it may be subject to actuarial reduction, depending on your dates increased to 391. of service. We will write to you automatically shortly before you reach the age at which your pension can be paid without Active members: 121,217 reduction. Therefore it is important that you let us know if you change your address. Deferred pensioners: 70,725 In certain circumstances it may be possible to bring your benefits into payment before age 60. The minimum retirement Pensioners: 38,666 age is currently age 50 (55 from April 2010), but any payment between the age of 50 and 60 will be at the discretion of the trustee Beneficiaries: 8,536 company and normally will be subject to actuarial reduction. 8


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    USS MEMBERS’ ANNUAL REPORT 2006/07 INVESTMENTS £m Growth of 35,000 30,000 the fund 25,000 20,000 15,000 The fund's investments have increased from £15.5 billion in 10,000 2003 to £30.1 billion as at 31 March 2007. Strong investment 5,000 returns since 2003 have seen the fund's position improve, resulting 0 in the 5 year and 10 year returns comfortably exceeding both RPI 2003 2004 2005 2006 2007 and average earnings. Auditors Income & report Expenditure In the opinion of the auditors, KPMG LLP, the financial Universities Superannuation Scheme statements of USS show a true and fair view, in accordance with fund account for the year ended 31 March 2007 UK Generally Accepted Accounting Practice, of the financial £m transactions of the scheme during the scheme year ended 31 Fund at start of year 28,302.3 March 2007 and of the amount and disposition at that date of its assets and liabilities (other than liabilities to pay pensions and Contributions and Benefits benefits after the end of the scheme year) and contain the Income for the year information specified in Regulation 3 of, and the Schedule to, the Contributions receivable 942.9 Occupational Pension Schemes (Requirement to obtain Audited Premature retirement scheme receipts 28.2 Accounts and a Statement from the Auditor) Regulations 1996 Individual transfers-in 122.6 made under the Pensions Act 1995. Group transfers-in 19.9 It is also their opinion that contributions for the scheme year ended 31 March 2007 as reported in the summary of contributions 1,113.6 and payable under the schedule have in all material respects been Expenditure for the year paid at least in accordance with the schedule of contributions Pensions payable 703.5 certified by the actuary on 31 January 2006. Lump sums on or after retirement 180.8 Lump sums on death-in-service 12.1 Individual transfers-out 40.8 Refund of contributions 3.7 Administration costs 12.9 Statement Net additions from dealings with members 953.8 159.8 of investment Returns on investments Investment income 813.9 principles Change in market value of investments Investment management expenses 887.0 (25.2) Net return on investments 1,675.7 It is a requirement of the Pensions Act that trustees draw up and Net increase in the fund during the year 1,835.5 maintain a Statement of Investment Principles. This statement is available from the full Report and Accounts and from the USS Fund at the end of the year 30,137.8 website at www.usshq.co.uk 9


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    USS MEMBERS’ ANNUAL REPORT 2006/07 Distribution of assets UK equities 38% Cash deposits 2% Property 7% Fixed interest 7% Overseas equities 46% T he value of the fund rose from £28.3 billion at 31 March 2006 to £30.1 billion at 31 March 2007. The distribution of assets at that date is shown above. Included within these figures are £584.8m of alternative assets, which represent 1.95% of total investments. The fund’s investments are divided between those under the direct control of USS Ltd and those managed externally. The internal investment team at the London Investment Office Leeds and manages the majority of the assets. A separate UK index fund, more recently, in June 2007, designed to match the performance of the FTSE All-Share, is run its units in Telford Shopping Centre Unit Trust. These three in-house on advice provided by HSBC Quantitative Techniques. holdings accounted for 36% of the total property portfolio as at The balance of the fund is run on specialist mandates, with 31 March 2006. The fund is actively investing in new properties Capital International and Wellington each having a global equity as attractive investments are identified. remit. As reported last year, the specialist mandate with Goldman The fund’s diversification into alternative assets is progressing Sachs was terminated in March 2006 and those with Legal & well, following the review of investment policy referred to in last General and Henderson in June 2006. year’s report. The alternative asset portfolio accounted for 2.3% Jones Lang LaSalle and DTZ Debenham Tie Leung advise on of total investments as at 30 June 2007, and is on track to investment and property management of the retail and achieve its target of 5% by 31 March 2008. Consideration will be commercial portions of the property portfolio respectively. The given to increasing this to 20% over the medium term. USS fund has undertaken a major restructuring of its property portfolio employs a number of external managers and funds for the during the year. This has included sales of its units in Gyle investment of its alternative assets. These are selected and Shopping Centre Unit Trust; the shopping centre development at monitored by the London Investment office. Investment Largest equity performance holdings T he fund’s assets have continued to grow and The five largest equity holdings, together with the percentage of the fund which at 31 March 2007 the total value of the fund they represent as at 31 March 2007 is shown below: £m % stood at £30.1 billion. Stock markets were Royal Dutch Shell 646.0 2.1 strong for the fourth year running in 2006, following three years of negative returns from 2000 to BP 599.6 2.0 2002, although the fund’s return of 9.9% in 2006 was HSBC Hldg 588.5 2.0 below its benchmark return of 12.2%. The ten-year Vodafone Group 468.4 1.6 return of the fund of 7.8% per annum comfortably Glaxosmithkline 456.6 1.5 exceeds both earnings growth and retail price A list of all the fund's holdings along with corporate governance issues is inflation over the same period. available on our website: www.usshq.co.uk 10


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    USS MEMBERS’ ANNUAL REPORT 2006/07 Management of USS The directors of the trustee company (USS Ltd) as at 1 August 2007 are: Sir Martin Harris (Chairman) Professor Charles Sutcliffe Professor David Eastwood Professor John Bull CBE Baroness Warwick of Undercliffe Sir Ivor Crewe David McDonnell Howard Jacobs Virginia Holmes Lady Merrison Michael Butcher Dave Guppy The principal officers and advisers of the trustee company (USS Ltd) at 1 August 2007 are: Chief Executive T H Merchant Chief Investment Officer P G Moon Chief Financial Officer C S Hunter Pensions Policy Manager B Mulkern Pensions Operations Manager B Steventon Company Secretary I M Sherlock Head of IT I J Hall Communications Manager C G Busby Actuary E S Topper of Mercer Human Resource Consulting Limited, Clarence House, Clarence Street, Manchester, M2 4DW Solicitors DLA Piper, India Buildings, Liverpool, L2 0NH Auditors KPMG LLP, St James’ Square, Manchester, M2 6DS Bankers Barclays Bank plc, 4 Water Street, Liverpool, L69 2DU Investment Consultants Mercer Investment Consulting Custodians JP Morgan plc, ABN Amro Mellon Investment performance measurement Investment Property Databank Limited, HSBC Retail property investment adviser and property manager Jones Lang LaSalle Commercial property investment adviser and property manager DTZ Debenham Tie Leung The Pensions Advisory Service (TPAS) and the Pensions Ombudsman can be contacted at: 11 Belgrave Road, London SW1V 1RB TPAS The Pensions Ombudsman T: 0845 601 2923 T: 020 7834 9144 E: enquiries@pensionsadvisoryservice.org.uk E: enquiries@pensions-ombudsman.org.uk W: www.pensionsadvisoryservice.org.uk W: www.pensions-ombudsman.org.uk A large print version of the Members’ Annual Report 2006/07 is available. To obtain a copy please contact USS Ltd. 11


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    USS MEMBERS’ ANNUAL REPORT 2006/07 USS Ltd Royal Liver Building Liverpool L3 1PY Tel: 0151 227 4711 Local rate: 0845 068 1110 Fax: 0151 236 3173 e-mail: postbox@usshq.co.uk web: www.usshq.co.uk


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