Albany has started the season with two strong wins and in the first half of this game it looked like business as usual for the three-time champion.
Albany heaped the pressure on the students and was rewarded with a goal to player-coach Nick Elder.
University responded with some pressure of its own and levelled the scores when a well-worked penalty corner ended in a goal to Nick Instone.
Albany then scored two quick goals, through Dave Ross and Jack Gilbert, to take a 3-1 lead into halftime.
The pressure continued in the second half for Albany, but things quickly came unstuck for the defending champion when the students sprang to life again.
University took control of all aspects of the game and reminded Albany that it would need to work hard to hold on to the shield.
The students took the lead through a goal to Sebastian Buddle and two converted strokes to player-coach Richard Storey.
University led 4-3 late in the game and looked on track to claim a historic win over the defending champion.
Albany looked rattled, but with a last-gasp attack, it earned a penalty corner on the hooter. Jack Gilbert converted to ensure Albion retained the challenge shield.
University player-coach Storey said although the shield was ''snatched from our grasp'', he was pleased with his team's effort.
''I think we showed we could play hockey,'' he said.
In other premier men's games, University Black beat Taieri Tuataras 2-0, and Kings United A thumped KETOB A 6-1.
In women's hockey, defending champion Momona A claimed its third win, beating City Highlanders A 4-1.
It was a seesaw battle for the majority of the match, but Momona remained in control with a solid defensive effort.
City put pressure on when it attacked early, but was held out by Momona's defence.
The defending champion scored two goals in quick succession through Tessa Jopp and Claudia Peyroux to take control of the match.
City responded with an attack, but took a while to find a gap in the Momona defence.
Wave after wave of attack was defended by Momona, but City persisted until it found an opening late in the first half and scored its only goal through Alex Irwin.
City started the second half with confidence and contested well with more consistent attack and strong defence, but when Momona's Dayna Holland scored her team's third goal, it was one-way traffic.
Momona scored once more through Maddy McClean.
There were many standouts for the defending champion but goalkeeper Tessa Hewlett was ultimately the difference between the two sides. Her solid defence withstood the constant waves of attack and made some crucial saves, which gave her team the edge over City.
In other women's games, University White beat Kings United A 1-0, and Taieri A beat the St Hilda's First XI 2-1.
Hockey will take a break next week for Easter weekend, but will return on April 26.
