Josephine Cumbo Profile picture
May 31 5 tweets 3 min read Twitter logo Read on Twitter
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.
The message from the #USS member is that she is glad she checked her credit file. She says everyone impacted by the Capita data leak should do so. She has written to #USS urging the organisation to do more for members caught up in the data leak.
The incident has been reported to Action Fraud - the member tells me. I looked up the name of one of the online betting companies - they were registered in Malta. Difficult to deal with companies which are not subject to UK rules.

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More from @JosephineCumbo

May 30
Late night drama in the Dutch parliament where Oppositions senators have been attempting to block major reforms which will see the Defined Benefit system move to a riskier Defined Contribution model. The changes will see tens of millions of DB pensions converted to DC.
Historic moment in the Dutch parliament as Senators vote on major reforms which will sweep aside the defined benefit pension system for all workers - public and private. Image
The Dutch parliament has made history by voting in support of a massive change to the pension system, which will see tens of millions of workplace DB pensions converted into defined contribution plans.

This is a massive shift for the Dutch pension system.
Read 4 tweets
May 18
NEW: The giant #USS pension plan has surged further into the black, reporting a £7.6bn surplus at the end of March.

In 2020, the scheme reported a £14bn deficit. Image
The £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.
On the swing to a £7.5bn surplus from a £14bn deficit three years ago, Bill Galvin #USS chief said the signs were "very encouraging" for the current valuation. Image
Read 4 tweets
May 12
BREAKING: USS, the UK's biggest private sector pension plan, confirms data for 470,000 members may have been hacked during cyber attack on Capita, in March.

More to follow
USS, the pension scheme, has just published a message for members stating that personal details, including names, date of birth and National Insurance number may have been compromised during the Capita cyber attack.

uss.co.uk/news-and-views…
USS chief exec Bill Galvin has issued a statement on the Capital cyber attack, which has compromised data for around 470,000 members.

Galvin said: “We are very sorry that some USS member data held by Capita may have been accessed by a third party."
Read 6 tweets
Nov 29, 2022
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 £5 billion funding surplus.

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 £14.1bn, the scheme has since recovered and according to this week’s monitoring report now holds a surplus of £5.6bn"
Read 4 tweets
Nov 29, 2022
NEW: The #USS pension scheme, at the centre of an industrial disupte involving thousands of higher education sector workers, showed a £5.6bn surplus at the end of August, according to the latest scheme monitoring update.
NEW: The #USS said that a deficit (£14bn) identified in the 2020 valuation, had been "eliminated" as of the end of August with the scheme showing a £5.6bn surplus.

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".
Read 4 tweets
Sep 13, 2022
Exclusive: British company pension funds are taking writedowns of up to 30 per cent on their unlisted assets in a bid to clinch "buyout" deals with insurers.

More follows
A Financial Times investigation has found private-sector pension funds, serving hundreds of thousands of members, are taking haircuts of millions of pounds on assets taken on to deliver elevated returns but are now blocking “buyout” deals with insurers.
Experts are now questioning the professional advice given to schemes to take on these riskier assets - now being sold at a loss.
Read 21 tweets

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