“... the credit rating agency Moody’s predicted greater financial pressures for universities over the next three years because of rising staff costs, due to pay rises and pensions, and falling revenue from tuition fees, which are not index-linked.” theguardian.com/education/2019… 1/ While UK universities have borrowed hundreds and even billions of pounds in their recent construction boom, it is clear that their financial planning has always been suspect. Their assumptions were often that income growth would continue in a straight line forever.

“The starting point is the duty of trustees to exercise their powers in the best interests of the present and future beneficiaries of the trust.. The duty of the trustees towards their beneficiaries is paramount.“ Megarry J, Cowan v Scargill, a case on a pension fund. 1/4 He continued:”the best interests of the beneficiaries are normally their best financial interests”. In financial regulation, “best interests” is a positive duty on professionals: they must achieve them. The best financial interests of USS members are a Defined Benefit scheme. 2/4