"No move on pensions" (December 9), reports that the latest official valuation of Universities Superannuation Scheme showed a surplus of ?5 billion. The realistic figure (as reported on the USS website) is a deficit of ?6.568 billion, showing that USS was only 77 per cent fully funded on March 31, 2005. The ?5 billion you referred to is based on a minimum funding requirement valuation, which is known to be inadequate.
The best that can be said is that the USS is less insolvent than many other final-salary schemes, including (in all likelihood) many of those for non-academic staff at UK universities.
William F. Scott
Edinburgh