Please take seven minutes to read this linked piece with the above title that I wrote for the higher education public policy website wonkhe. (Please also read the comment by Derek Benstead in the thread below the piece.) I think I manage there to do a better job than before in explaining what’s under dispute in USS’s versus First Actuarial’s contrasting approaches to the investment of the pension fund. Wonkhe is widely read among senior managers and policy makers in the UK higher education sector. I wrote this piece in the hopes of reaching an audience of university Finance Directors.