Switching to defined contributions is the only show left in town for the USS

This makes no sense. Moving to defined contribution doesn't make money magically appear out of thin air. Academics need an income stream when they retire - its not like being able to feed yourself when you retire is just a "nice to have". Switching from DB to DC does not change the risk of an investment not paying out enough to support someone in retirement - it just changes who pays the price if it doesn't. Under DC the individual pays the price. Under DB, the university does, and as a university is nothing but the sum of its past, present and future employees, it means we, collectively, take the risk - so DB is a way of collectivizing and spreading risk, and not just across current individuals, but across time as well.

Let’s work it out .... the return on a USS pension is about 4% add 2% for index linking means 6% yield needed so that will cover people living on average until 81 years if the returns over that time are zero. No real excuse for the USS to be in difficulties outside of poor management.

The more obvious solution is to stop index linking and so lower required contributions. Not obvious that younger generations need to again take a hit here.

"6% yield needed". When you find out that year in year out safe 6 %, do let me know. My savings account with nationwide pays < 0.1 % at the moment. My USS investment, 'cautious fund' this year has earned the square root of zero this year so far. "we, collectively, take the risk" The whole reason the pensions regulator was set up was that underfunded schemes took down companies, made current workers unemployed and stiffed pensioners. When I reach retirement I don't have the ability to 'take a risk', ill health could mean I cant go back work if my pensions gets vaporised. Whilst young staff might get other jobs, staff near retirement losing everything is awful (I remember Maxwell). Its good the regulator was introduced to stop this. "24 % for Bill Gavin" Marie Antionette had nothing on this guy. The Keynes dictum is the market can remain irrational longer than you can remain solvent. By the time the UCEA and UCU finish arguing, USS will have imploded. Unless you believe BREXIT is going to transform the economy in a good way, then you like me expect the UK to be a slow growing (unhappy) place for years to come, this will blow another hole in USS. I just hope I can retire before the final collapse, because governments tend to care more about pensioners, its the young who will get shafted.

But maybe the A’level fiasco will save all of us. Potentially 40% more students, 40% more income and 40% more money to support pensions.