Scottish independence could leave UK universities with £10bn pensions deficit

By Severin Carrell. Universities Superannuation Scheme says funds face potential crisis under strict EU laws on cross-border pensions. The UK's universities could face an immediate pensions shortfall of nearly £10bn if Scotland votes for independence next year, leaving the pensions fund in crisis. The Universities Superannuation Scheme (USS), which manages funds worth £34bn to pay pensions to hundreds of thousands of lecturers and staff, has warned that EU pensions laws have "considerable implications" for its viability. Under EU rules on cross-border pensions, funds are not allowed to carry deficits and must be fully funded at all times, experts have warned. The rules are extremely strict for schemes that operate across international borders. Read more...