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.
USS has published a note from Bill Galvin, Group Chief Executive, updating sponsoring employers on the scheme’s latest Financial Management Plan monitoring report – which gives an indication of the funding position at the end of December 2022.
USS held its latest Institutions’ Meeting recently, giving the scheme’s sponsoring employers the opportunity to hear about the trustee’s performance and priorities, and to ask questions.
Universities Superannuation Scheme Limited (USS) – the trustee company of the largest private pension scheme in the UK by assets – has achieved the Customer Service Excellence (CSE) quality mark.
Some UK defined benefit (DB) pension schemes have been experiencing liquidity issues linked to Liability-Driven Investment (LDI) strategies and recent unprecedented changes in the value of index-linked UK government bonds.
From a funding perspective, interest rate rises are having a positive impact – but the volatility in the UK market clearly driven by recent government announcements makes it very difficult to establish a long-term view.
Read how we implement our commitments to the UK Stewardship Code and summarise our responsible investment activities and outcomes across all our asset classes.
