University Pension Scheme Ready to Destroy Major Investments If Thames Water Collapses

Thames Water boss Sarah Bentley quit earlier this week as the company was trying to raise funds from investors. Credit: PA

USS was a known victim of a cyberattack on Capita, an outsourcing company that manages a pension fund. In May, pension fund executives warned that they could not “confirm whether the personal data of some of the 470,000 USS members has been accessed.

Earlier this month, USS faced backlash from staff at London universities for not paying enough attention to protecting the environment. Professors are suing directors and trustees for refusing to sell fossil fuels, which they say threatens revenue.

that USS has cut retirement benefits.

Recent evaluations of the scheme have shown that USS is better capitalized than in previous years. In May, the bosses said the funding position looked «very encouraging» and showed a £7.6bn surplus. Later in the year, Young tried to assuage concerns about Capita's data breach.

Mr. Galvin said, “I want to assure you that data privacy and security is a top priority for us. By testing our own systems and controls to ensure they remain sound, we are confident that member pensions remain secure.

“But we know our members will be concerned about their personal data. We are very sorry that this happened and we are committed to supporting them in this matter.”