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CAPITA / #USS CYBER ATTACK UPDATE:
I asked #USS a number of questions about the handling of the cyber attack on Capita in March (the business processed pension admin for #USS).
Around 470,000 #USS members have been advised to assume their data was stolen in the Capita hack.
I asked #USS a number of questions about the handling of the cyber attack on Capita in March (the business processed pension admin for #USS).
Around 470,000 #USS members have been advised to assume their data was stolen in the Capita hack.
A number of #USS members have told me they had not received voucher codes for the free Experian ID theft protection service offered by #USS after the Capita hack, confirmed on May 11. Data likely stolen during the hack included #USS member names, date of birth and NI numbers 
It has now been 8 weeks since Capita first disclosed it had been hacked.
A #USS member has reported suspicious activity on her credit file following the Capita data breach. The #USS member signed up to the free ID theft service offered by USS to 470000 members whose data was put at risk by the Capita cyber hack in March.
The #USS member - a professor - got in contact with me to raise her concerns about the #USS breach. Upon signing up to the free Experian service, she discovered three online betting companies had made credit checks on her on May 15 - she did not recognise these companies.
She subsequently discovered an online gambling account had been opened in her name - without her knowledge - with at least one of the companies. She is dealing with this. No direct evidence of a link with the Capita data breach but the timing is neat.
Summary of our letter to VC Koen Lamberts on the Marking and Assessment Boycott, 23/05/23 šš»
We have been extremely disappointed in the approach that @UCEA1 have adopted in this dispute, including their misuse of HESA data on sector finances. 1/10
We have been extremely disappointed in the approach that @UCEA1 have adopted in this dispute, including their misuse of HESA data on sector finances. 1/10
In a press release on 3 May, @UCEA1 cites a sectoral deficit, despite the report it is based on warning that it āis not reflective of the pure underlying financial performance of these institutions for this yearā. 2/10
Instead, as you will be aware, this artefact is caused by a pension adjustment including the demonstrably unrepresentative 2020 #USS valuation; absent this paper cost, the sector has yet again posted a sizeable surplus. 3/10
NEW: The giant #USS pension plan has surged further into the black, reporting a Ā£7.6bn surplus at the end of March.
In 2020, the scheme reported a Ā£14bn deficit.
In 2020, the scheme reported a Ā£14bn deficit.
The Ā£7.6bn suprlus for the #USS pension plan, with more than 400,000 members, was identified thru
routine monitoring at March end.
The #USS is currently undertaking a full valuation of assets and liabilities. The valuation date is March 31, the same as the monitoring report.
routine monitoring at March end.
The #USS is currently undertaking a full valuation of assets and liabilities. The valuation date is March 31, the same as the monitoring report.
On the swing to a Ā£7.5bn surplus from a Ā£14bn deficit three years ago, Bill Galvin #USS chief said the signs were "very encouraging" for the current valuation.
UCU HE members voted to:
*REJECT interim proposals from in ACAS talks for #FourFights
*NOTE UUK/UCU joint statement on collaboration toward USS benefit restoration
*A Marking & Assessment Boycott (MAB) begins 20 April in all branches involved in 4F dispute
ucu.org.uk/12873
*REJECT interim proposals from in ACAS talks for #FourFights
*NOTE UUK/UCU joint statement on collaboration toward USS benefit restoration
*A Marking & Assessment Boycott (MAB) begins 20 April in all branches involved in 4F dispute
ucu.org.uk/12873
āWhat next?
Special HE Sector Conference (sHESC) this Wed 19 April. This is a democratic *policy-making* space, so will direct next steps in pursuit of each #ucuRISING dispute.
[See motions: ucu.org.uk/circ/html/ucu2ā¦]
How do we get what we need? What would progress look like?
Special HE Sector Conference (sHESC) this Wed 19 April. This is a democratic *policy-making* space, so will direct next steps in pursuit of each #ucuRISING dispute.
[See motions: ucu.org.uk/circ/html/ucu2ā¦]
How do we get what we need? What would progress look like?
Some thoughts on #FourFights (where a pay 'award' has been imposed), not intended to be comprehensive ā¬ļø
(On #USS several processes are already in motion - @cupofassam and others have highlighted potential bumps in the road we'll need to be vigilant over - more on this soon)
(On #USS several processes are already in motion - @cupofassam and others have highlighted potential bumps in the road we'll need to be vigilant over - more on this soon)
A year ago today, I was party to what I hope is the biggest stitch-up I'll ever see close up: the pushing through by the JNC of a savage cut in future accrual in @USSpensions based on an self-evidently unsound valuation rooted in pandemic-induced market turmoil. 1/
It was awful. Nothing was fair or right about the decision taken that day. The scheme's rules had been bent, probably breached, by @USSPensions to skew things in favour of @UniversitiesUK, who themselves lied to their members about @UCU's counter-proposal to ensure it sank. 2/
We hoped that the JNC chair might be receptive to the charges we laid about process, but the legal advice they received gave the all-clear. That legal advice couldn't answer the key question we posed about @USSpensions apparent rule breach, but that didn't seem to matter. 3/
NEW: Striking UK university staff have called for the reversal of cuts to their #USS pensions after new data showed the retirement scheme had moved to a Ā£5 billion funding surplus.
More follows:
More follows:
#UCU, the union representing higher eduction sector workers, said #pension cuts which came into force in April will see a typical lecturer lose 35% of their future guaranteed retirement income with losses steepest for those at the earliest stages of their careers.
UCU: "USS pension cuts were predicated on a valuation of the scheme conducted in March 2020 as markets collapsed. After recording a deficit of Ā£14.1bn, the scheme has since recovered and according to this weekās monitoring report now holds a surplus of Ā£5.6bn"
NEW: The #USS pension scheme, at the centre of an industrial disupte involving thousands of higher education sector workers, showed a Ā£5.6bn surplus at the end of August, according to the latest scheme monitoring update.
NEW: The #USS said that a deficit (Ā£14bn) identified in the 2020 valuation, had been "eliminated" as of the end of August with the scheme showing a Ā£5.6bn surplus.
The controversial 2020 scheme valuation led to a range of benefit cuts for tens of thousands of #USS members.
The controversial 2020 scheme valuation led to a range of benefit cuts for tens of thousands of #USS members.
However, the #USS said market conditions had remained highly volatile since 31 March this year & as a result, the exact position of the Scheme at the end of September "cannot be established with any
certainty" with the most recent figures to be
viewed with a "degree of caution".
certainty" with the most recent figures to be
viewed with a "degree of caution".
BREAKING: The #USS pension plan has reported a SURPLUS of Ā£1.8bn - nearly 18 months after reporting a Ā£14bn deficit.
The surplus is disclosed in the scheme's June monitoring report published today.
Details to follow
The surplus is disclosed in the scheme's June monitoring report published today.
Details to follow
In an email today to university employers, Bill Galvin, group chief of the #USS pension plan said the June surplus "provides a basis from which to start discussions with our stakeholders and advisers about what options might be available should this position prove well-founded"
NEW: UniversititIes UK, the employer body for the UK university sector, said āWe have not made misleading claims" about the impact of April 2022 pension cuts on members of the #USS.
UUK:"It's reasonable for us to conclude in headline terms - using the example personas developed by USS ā that reductions in retirement benefits will be in range of 10-18%. We've consistently said members should use the USS modeller to check (their specific) possible impacts."
UUK says using a headline of 35 per cent cuts to #USS members' pensions - from the April 2022 benefit reforms - is potentially misleading and potentially damaging to members.
71,000 UK university sector staff will lose Ā£100k-Ā£200k each from their pensions due to the impact of the latest pension cuts, according to a global academic analysis.
More follows:
More follows:
196,000 active members of the #USS #pension scheme will see their future pensions cut by 30%-35% if Consumer Price Inflation (CPI) remains at its historic average of 2.5%, according to the first global analysis of the impact of the April 2022 #USS pension cuts, published in May.
But the impact of the April 2022 cuts is harshest on the under 40s, according to the academic analysis. Losses to their future pension range between Ā£100-000 to Ā£200,000.
Our case to sue #USS directors and protect pensions has a judgment.
Itās pathbreaking: we won the right to sue *at all*.
But itās defective: permission refused based on the 1843 case, Foss v Harbottle. Weāll look to appeal.
What did it say? /1 š§µ
bailii.org/ew/cases/EWHC/ā¦
Itās pathbreaking: we won the right to sue *at all*.
But itās defective: permission refused based on the 1843 case, Foss v Harbottle. Weāll look to appeal.
What did it say? /1 š§µ
bailii.org/ew/cases/EWHC/ā¦
First, our claims were the directors breached duties in the Companies Act 2006:
- a nonsense valuation, showing a Ā£17.9 deficit, cutting benefits ā by assuming assets grow 0.0% above CPI for 30 years. They grew 30% in 2 years. Directors cut anyway. /2
staff.admin.cam.ac.uk/new-uss-researā¦
- a nonsense valuation, showing a Ā£17.9 deficit, cutting benefits ā by assuming assets grow 0.0% above CPI for 30 years. They grew 30% in 2 years. Directors cut anyway. /2
staff.admin.cam.ac.uk/new-uss-researā¦
- the cuts cause a particular disadvantage to women, minorities and young people
It violates the Equality Act 2010 ss 19 and 61, exposing USS to a litany of discrimination claims /3
theguardian.com/education/2022ā¦
It violates the Equality Act 2010 ss 19 and 61, exposing USS to a litany of discrimination claims /3
theguardian.com/education/2022ā¦
BREAKING: 68 universities in the UK face a further 5 days of strike action this month over #pension cuts and pay.
Staff at the 68 universities this week finished taking up to 10 days of strike action.
UCU, the union, said further strike action was called after employers "forced through pension cuts and refused to negotiate meaningfully over pay and working conditions.
UCU, the union, said further strike action was called after employers "forced through pension cuts and refused to negotiate meaningfully over pay and working conditions.
UCU, the union, says preparations are also underway for for a marking and assessment boycott
All universities across the UK to be reballoted for potential action next term, the union added.
All universities across the UK to be reballoted for potential action next term, the union added.
Why am I so angry about what happened at the @USSpensions JNC last week? Because the way #USS concluded the 2020 valuation was not in accordance with the scheme rules and undercut @UCU's influence on the JNC, possibly permanently. You need to know about this. 1/
The Joint Negotiating Committee is an oddity, unique among UK pension schemes. It was a hard-won concession extracted by the union during the formation of the scheme in the 1970s. If the misapplication of the rules by #USS is allowed to stand, I believe it is effectively dead. 2/
One of the key functions of the JNC is to grapple with the outcome of bad valuations, where it has to decide on benefit changes and/or contribution rate splits. #USS presents the JNC with a price, and negotiation begins. Or that's how it's supposed to work. 3/
BREAKING: The #USS trustee board today agreed to proceed with controversial #pension cuts for tens of thousands of #university sector members, effective from April 2022.
#USS said: āThe Valuation was signed off in September 2021. At the meeting today, the Trustee board agreed to the deed giving effect to the changes to the member benefits from April 2022 in the form recommended by the Joint Negotiating Committee.ā
BREAKING: The UK High Court has over-turned a decision to deny legal action by academics against the #USS pension scheme over the handling of the controverisal #2020 valuation. #UCU #USS #UUK
Details follow.
Details follow.
The UK High Court set aside a previous court order and allowed a claim by 2 academics who are pursuing legal action against the #USS directors, as well as against the schemeās chief executive, Bill Galvin, over the 'flawed' 2020 valuation.
Neil Davies of Bristol University and Ewan McGaughey, of KCL, argued USS directors acted in breach of their duties in conducting āa flawed valuation and predicting a so-called ādeficitā as well as proposed cuts that will disproportionately impact women, minorities & young people.
The segment in the @BBC feature below is taken from a longish interview @BBCChrisMorris recorded with me about #Russia #sanctions last week. I donāt blame journalists or producers but worth mentioning that perhaps due to editorial issues it omitted the following (see thread):
1) That I began by saying this was an opportune moment to discuss #sanctions against #Russia. I was on strike supporting #UCUStrikes and colleagues on precarious contracts and protesting against #USS pension cuts.
2) That I thought the Lincoln's Inn Fields backdrop of striking #UCUStrikes LSE campus was symbolic. Some of the things I said were:
BREAKING: An industrial dispute over #pension cuts impacting thousands of university sector workers is set to escalate as employer-backed proposals to reduce guaranteed #pension benefits were ratified today.
BREAKING: The University and College Union (UCU) has told #USS university employers to expect more industrial action, including a marking and assessment boycott, after controversial cuts to guaranteed pension benefits were ratified.
NEW: UCU general secretary Jo Grady said University vice chancellors had today chosen to "steal tens of thousands from the retirement income of staff".
"This is a deplorable attack which our members wonāt take lying down."
"This is a deplorable attack which our members wonāt take lying down."
BREAKING: The Universities Superannuation Scheme Joint Negotiating Committee has today formally voted to implement cuts to future #pension benefits for tens of thousands of UK university sector staff.
The JNC - a body which represents #USS employers and members - passed a controversial package of employer proposals which will see members build smaller pensions in future. The cuts are the focus of current industrial action across dozens of university campuses.
I am awaiting confirmation of the JNC vote, and whether the chair cast her vote. #USS
šŖ§ #UCUstrike Thread šŖ§
Wondering why staff across 68 universities are on strike?
@ucu #OneOfUsAllOfUs #FourFights #DigitalPicketLine #DigitalPicket
/1
Wondering why staff across 68 universities are on strike?
@ucu #OneOfUsAllOfUs #FourFights #DigitalPicketLine #DigitalPicket
/1
1. Fair Pay (including fair pensions):
Staff pay has dropped by over 17% in real-terms since 2009
ucu.org.uk/article/10342/ā¦
/3
Staff pay has dropped by over 17% in real-terms since 2009
ucu.org.uk/article/10342/ā¦
/3
NEW: The deficit at the UK's largest private-sector pension scheme, the #USS, has been slashed from Ā£14bn in March 2020, to Ā£2.9bn at the end of January this year, as the schemne's assets recovered to pre-pandemic levels. #UUK #UCU
More follows.
More follows.
A funding update released by the #USS showed the scheme's funding ratio - or plan's assets as a percentage of liabilities - had grown to 97% at the end of January this year from 83% in March 2020 - the timing of the scheme's last formal health check.
#USS published this update on February 16, the day before a Feb 17 deadline for hundreds of employers to respond to a consultation on cuts to #pension benefits, which were based on the scheme's position in March 2020, when its finances were less rosy.
uss.co.uk/news-and-viewsā¦
uss.co.uk/news-and-viewsā¦
Suppose you run a pension scheme, and conducted a valuation in the middle of a pandemic which showed the need for savage cuts. How do you hide the fact that since then the scheme has strengthened dramatically? Here's how. #USSmess #USSstrike 1/ (Graph courtesy of @USSpensions)
1. Stop publishing data
@USSpensions were publishing monthly data, but stopped with their Aug 21 figures. Why? They say they were working on a new system.
We forced them to publish updates this week they planned on keeping to themselves until June. 2/ uss.co.uk/about-us/valuaā¦
@USSpensions were publishing monthly data, but stopped with their Aug 21 figures. Why? They say they were working on a new system.
We forced them to publish updates this week they planned on keeping to themselves until June. 2/ uss.co.uk/about-us/valuaā¦
2. Explain away improvements with broad-brush arguments
"Assets have increased, but so have liabilities".
"Deficits are down, but future service costs are up".
"Higher asset prices mean lower expected returns".
Enough! Just show us the numbers! 3/ (Below @Barker4Kate in THE)
"Assets have increased, but so have liabilities".
"Deficits are down, but future service costs are up".
"Higher asset prices mean lower expected returns".
Enough! Just show us the numbers! 3/ (Below @Barker4Kate in THE)
Here's the @FT's @bethanstaton reporting a snap summary by @USSemployers of their constultation, saying responses indicate a "clear rejection of the @UCU proposals". It appears @UniversitiesUK's popaganda campaign to kill an attempt at a resolution succeeded. Great job! #USSmess
@FT @bethanstaton @USSEmployers @ucu @UniversitiesUK The #USS dispute is now well and truly on fire, as eyes turn towards the formal JNC meeting(s) next week. Higher Education disputes also ramp up, with more universities brought into the action over the fundmantal Four Fights dispute.
As for the behaviour of @AlistairJarvis's @UniversitiesUK, and their marshalling of opinion against the @UCU proposals, have they made employers aware of the precariousness of their position at the JNC? Smooth passage for the cuts should not be taken for granted. #USSmess
Quick reminder of how @UniversitiesUK have tried to scupper our proposals:
- 26 Jan: "The union's proposal does not appear to be a serious attempt to reach agreement"
- 28 Jan: "We are awaiting confirmation from #USS that @UCUās proposal is viable, implementable, & fully costed"
- 26 Jan: "The union's proposal does not appear to be a serious attempt to reach agreement"
- 28 Jan: "We are awaiting confirmation from #USS that @UCUās proposal is viable, implementable, & fully costed"
28 Jan (cont): "If we receive confirmation, we will formally consult employers on [UCU's proposals]"
2 Feb: "UUK is consulting employers for views on potentially modifying the proposal for concluding the 2020 #USS valuation" (but not UCU's proposals)
2 Feb: "UUK is consulting employers for views on potentially modifying the proposal for concluding the 2020 #USS valuation" (but not UCU's proposals)
10 Feb: "Now we have received a costed proposal from UCU, we have formally asked employers whether they would wish to support it"
10 Feb: @MikeOtsuka writes to UUK about "serious misrepresentations of UCUās proposals" in the launch of the consultation. mikeotsuka.medium.com/uuks-serious-mā¦
10 Feb: @MikeOtsuka writes to UUK about "serious misrepresentations of UCUās proposals" in the launch of the consultation. mikeotsuka.medium.com/uuks-serious-mā¦
