A trend to convert defined benefit pension schemes into defined contribution (DC) plans was noticed first in the US and the UK, but has now extended across Europe. This trend is widely interpreted as ‘financialisation’: the industrial relations logic of offering deferred compensation to workers has been displaced by an instrument which is governed by financial norms and concepts. The erosion of pension rights has been linked to the pressure on firms to maximise ‘shareholder value’. The UK’s largest private pension fund, the universities’ scheme, provides a critical case study for this argument. The case illustrates the tension between finance and industrial relations well, as DC proposals were resisted by strike action. The case challenges the shareholder value account of pensions financialisation, as UK universities are charities. The article analyses alternative explanations and highlights wider implications for non-financial firms.