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The)5.9( )]TJ 0 -1.1438 TD -.0001 Tc .1476 Tw [(sen)5.4(s)-3.1(itivities regarding the )6(prin)5.4(cipal a)5.4(ssumption)5.4(s u)5.4(s)-.8(e)5.4(d)-.6( to measure)5.3( the scheme)5.4( liabilities a)5.4(r)-2.4(e)5.4( set out)8.1( )]TJ 0 -1.1497 TD -.0012 Tc 0 Tw (below: )Tj /TT7 1 Tf 0 -2.3054 TD -.0006 Tc -.0016 Tw [(Assump)5.3(tion)5.3( )-1143.7( )-3317.4( )-3317.4(Chan)5.3(ge in assumption)5.3( )203.6( )-3317.4(Impact on scheme liabilities)]TJ /TT4 1 Tf 0 -1.1377 TD -.0008 Tc -.0014 Tw [(Valuation rate of interest)7.4( )-3275.5(Increase/decrease by 0.5% )-2000(Decrease/increase by 2.2billion )]TJ 0 -1.1497 TD [(Rate of pensi)6(on increases )-2556.9(Increase/decrease by 0.5% )-2000(Increase/decrease by 1.5 billion )]TJ 0 -1.1436 TD -.001 Tc -.0012 Tw [(Rate of sal)5.8(a)-1.5(ry growth )-1071.9( )-3317.4(In)-8.7(crease/decrease by 0.5% )-1999.9(Increase/decrease by 0.7billion )]TJ 0 -1.1497 TD -.0008 Tc -.0008 Tw [(Rate of mortality )-3232.9( )-3316.8(More prudent)7.4( assumption )-2777.9(Increase by 1.6 billion )]TJ 0 -1.1437 TD -.0004 Tc 3.3156 Tw [( \(move )3317.4(to )3317.4(long)5.1( )3317.4(coho)5.1(rt )3317.4(future)5.1( )]TJ 14.3713 -1.1497 TD .0001 Tc -.0023 Tw [(improvem)6.8(ent)8.3(s from the )6( )]TJ T* -.0001 Tc -.0021 Tw [(medium )6(coh)5.4(o)5.3(rt adopted at)8.1( )]TJ 0 -1.1437 TD -.0006 Tc -.0016 Tw (the valuation\) )Tj -14.3713 -2.2994 TD 0 Tc .0516 Tw [(USS is a )5.9(la)5.5(s)3(t man stan)5.5(din)5.5(g sch)5.5(eme )5.9(so)5.5( that in the e)5.5(v)3(ent of the insolven)5.5(cy of a)5.5(n)-.5(y of the part)8.2(i).8(cipatin)5.5(g )]TJ 0 -1.1437 TD .0002 Tc .0156 Tw [(employe)5.7(r)-2.1(s i)7(n)-.3( )6(USS, the am)6.9(ount of any p)5.7(e).3(nsi)7(on fun)5.7(d).6(in)5.7(g sh)5.7(ortfall \(which )6(ca)5.6(nnot o)5.7(t)2.4(herwi)7(s)-.3(e)5.7( be )6(recove)5.7(red)5.6(\))3.9( )]TJ 0 -1.1497 TD -.0003 Tc .0462 Tw [(in respect of that employer will be spread across the )6.2(remai)6.5(n)-.8(ing participant empl)6.5(oyers and reflected i)6.5(n)5.2( )]TJ T* -.0019 Tw [(the next actu)5.2(arial valuatio)5.2(n of the sch)5.2(e)5.2(m).4(e. )]TJ 0 -2.2934 TD 0 Tc .0695 Tw [(The tru)5.5(s)-3(tee b)5.5(e)-.5(lieves that o)5.5(v)3(er the long-t)8.2(e)-.5(rm eq)5.5(uity investment and)5.5( investment in sele)5.5(cted alt)8.2(ernative)5.5( )]TJ 0 -1.1497 TD -.0001 Tc .1596 Tw [(asset )6(cla)5.4(s)-3.1(se)5.4(s )6(will p)5.4(r)-2.4(ovide)5.4( su)5.4(pe)5.4(rior return)5.4(s to)5.4( othe)5.4(r investm)6.6(ent )6(cla)5.4(s)-3.1(ses. )6(The)5.4( man)5.4(agem)6.6(en)5.4(t stru)5.4(cture)5.4( )]TJ 0 -1.1437 TD .2135 Tw [(and targets )6(set are de)5.3(si)6.7(gned to give)5.4( the fund a )6(bias to)5.4(wa)5.4(rd)5.4(s equities th)5.4(rough p)5.4(o)-.6(rtfoli)6.7(os that a)5.4(r)-2.4(e )]TJ 0 -1.1497 TD .0002 Tc .2012 Tw [(diversifie)5.7(d).1( bo)5.7(th geog)5.6(rap)5.7(h)-.3(i)7(c)-2.8(ally an)5.7(d by)9.2( se)5.7(ctor. Th)5.7(e)5.7( trustee )6(re)5.6(co)5.7(gnises th)5.7(at it woul)7(d be p)5.7(o)-.3(ssible to)5.7( )]TJ T* -.0009 Tc .3165 Tw [(select investments )6.4(producing i)5.9(n)-1.4(come flows broadly similar to the estimat)7.3(e)0(d liability )6.4(cash flows. )]TJ 0 -1.1437 TD 0 Tc .2733 Tw [(Ho)5.5(wever, in )6(orde)5.5(r to me)5.5(et the long)5.5(-term fun)5.5(d)-.5(ing )6(obje)5.5(c)-3(tive wit)8.2(hin a level )6(of cont)8.2(ributio)5.5(ns that i)6.8(t)8.2( )]TJ 0 -1.1497 TD .0003 Tc .1652 Tw [(con)5.8(s)-2.7(id)5.8(ers the)5.8( employe)5.8(r)-2(s )6(woul)7.1(d be )6(will)7.1(ing to ma)6.4(ke,)8.4( the truste)5.7(e )5.9(has )5.9(agreed t)8.4(o)-.3( take )5.9(on a )5.9(degree of )]TJ T* -.0004 Tc .0581 Tw [(investment)7.8( ri)6.4(sk relative to )6(the liabilities. )6(This taki)6.4(ng )6(of investm)6.3(e).1(nt ri)6.4(sk seeks to t)7.8(a)-.9(rget)7.8( a )6(greater )6(return )]TJ -.0001 -1.1437 TD 0 Tc .0757 Tw [(than the matchin)5.5(g assets )6(woul)6.8(d provid)5.5(e whilst maintaining a pru)5.5(d)0(ent app)5.5(roa)5.5(c)3(h to meeting the fund)6.8(s)-.1( )]TJ 0 -1.1497 TD -.0004 Tc .0763 Tw [(liabilities. Bef)7.8(o)-.9(re )6.2(deciding )6.2(to take i)6.4(n)-.9(vest)7.8(ment ri)6.4(sk rel)6.4(a)-.9(tive to the li)6.4(abilities, the t)7.8(r)-2.7(ustee receives advice )]TJ -.0001 -1.1437 TD -.0001 Tc .1416 Tw [(from its inve)5.4(s)0(tment con)5.4(s)-3.1(u)5.4(l).7(tant and the)5.4( scheme )6(act)6.9(uary, and )6(consid)5.4(ers the v)8.9(i)2.6(ews of the e)5.4(m).6(ployers. )]TJ 0 -1.1497 TD .0758 Tw [(The strong p)5.4(o)-.6(sitive ca)5.4(sh f)8.1(l).7(ow of the scheme me)5.4(an)5.4(s that it is not )-5.9(necessa)5.3(ry to reali)6.7(se inve)5.4(s)-.2(tments to )]TJ T* [(meet liabilitie)5.4(s. The truste)5.4(e believe)5.4(s).4( th)5.4(at this, t)-5.5(oget)8.1(her )6(with the )6(ongoi)6.7(ng flow )6(of new )6(entra)5.4(n)-.3(ts into th)5.4(e)5.4( )]TJ 0 -1.1436 TD -.0005 Tc .2019 Tw [(scheme)5( a)5(nd )6(the st)7.7(rength )6(of cove)5(nant)7.7( )6(of the )6(emplo)5(yers en)5(able)5(s it to ta)5(ke a)5( long)5(-term vi)6.3(ew )6(of its )]TJ 0 -1.1497 TD -.0002 Tc .0462 Tw [(investment)8(s. Short-te)5.3(rm vo)5.3(latility of returns can be tol)6.6(e)-.7(rated a)5.3(nd n)5.3(eed not feed )6.2(throug)5.3(h directly to )-5.8(the )]TJ T* -.0001 Tc .0099 Tw [(contri)6.7(bution )6(rate. The a)5.4(c)-3.1(tu)5.4(ary ha)5.4(s confirmed that the )6(scheme)6.7(s )6(ca)5.4(sh flow is li)6.7(kel)6.7(y)2.9( to remain p)5.4(o)-.6(sitive for )]TJ 0 -1.1437 TD -.0021 Tw [(the next ten years or mo)5.4(re.)8.1( )]TJ 0 -2.2994 TD -.0007 Tc .0704 Tw [(The next formal triennial )6(actuarial val)6.1(u)4.8(ation i)6.1(s)-3.7( du)5.7(e )6(as )6(at 31 )6(March )6(2011. The contribution )6(rate )6(will be )]TJ 0 -1.1437 TD -.0008 Tc -.0014 Tw [(reviewed as part of each valuation.)7.4( )]TJ 0 -2.2994 TD -.0002 Tc .0399 Tw [(At 31 March 2009, USS h)5.3(ad over 1)5.3(30,)8(000 a)5.2(c)-3.2(tive membe)5.3(r)-2.5(s a)5.3(n).1(d the institution )6(had 33 a)5.2(c)-3.2(tive)5.3( membe)5.3(r)3.5(s )]TJ 0 -1.1437 TD 0 Tc -.0022 Tw [(partici)6.8(pating i)6.8(n)-.5( the scheme)5.5(.)2.2( )]TJ 0 -2.2994 TD .0004 Tc .0753 Tw [(The )-6(total pen)5.9(sion co)5.9(st )-6(fo)5.9(r the )-5.9(Coll)7.2(ege)5.9( wa)5.9(s )-5.9(9)5.9(2,363)8.5( \(50,0)5.9(62 )-6(i)7.2(n)-.1( )-5.9(2)5.8(0).1(08\). 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