The Court of Appeal recently dismissed an attempt by two members of the scheme, Dr McGaughey and Prof. Davies, to bring proceedings against a number of current and former directors of USS’s corporate trustee potentially using scheme funds to do so.
Universities Superannuation Scheme has published its annual Report and Accounts, covering the financial year to 31 March 2023 – a year marked by significant volatility across financial markets.
USS has today launched a consultation with Universities UK (UUK) on the trustee’s proposed funding assumptions and methodology for the scheme’s 2023 actuarial valuation and on the Statement of Funding Principles.
While we’re unable to discuss the recent press coverage relating to Thames Water, we can point to Thames Water’s latest announcement on shareholder funding.
Capita previously reported a cyber incident involving hackers targeting some of its computer servers. Capita have identified from their investigations that personal data of USS members was exfiltrated (i.e., accessed and/or copied) by the hackers. To help members monitor their personal information for certain signs of potential identity theft, they will be given access to a leading identity protection service, free of charge, and we are writing to them this week setting out how that will work.
Bill Galvin, USS’s Group Chief Executive, said: “We are very sorry that some USS member data held by Capita may have been accessed by a third party. Data privacy and security is a top priority for us, and we know our members will be concerned by this news.
Capita recently reported a cyber incident involving hackers targeting some of its computer servers – potentially impacting several of the cross-sector businesses it serves. We use Capita’s technology platform (Hartlink) to support our in-house pension administration processes and have been liaising closely with the company over the course of its forensic investigations.
USS is licensed to use Capita’s technology platform (Hartlink) to support pension administration processes that we operate through our in-house administration team. Capita have confirmed that data held on the Hartlink system has not been compromised. We continue to liaise closely with Capita. Our processes and member response times continue to operate as normal.
Carol Young will succeed Bill Galvin later this year as Group Chief Executive of Universities Superannuation Scheme Limited, the largest private pension scheme in the UK by assets.
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