Josephine Cumbo Profile picture
Jun 2 5 tweets 3 min read Twitter logo Read on Twitter
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.
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 Image
It has now been 8 weeks since Capita first disclosed it had been hacked. Image
USS arranged free ID theft protection service for members affected by the Capita hack, soon after confirming members were impacted on May 11.

But some members have still not received details for the free ID theft protection service.
A USS spokesperson said the Experian voucher codes were being sent to members "in batches, over multiple days", in order to manage demand on Experian’s services.

USS said members for whom they don’t have a valid email address would receive a voucher code by letter instead.

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More from @JosephineCumbo

May 31
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.
Read 5 tweets
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

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