”But we know our members will be concerned about their personal data. Having reviewed our own systems and controls to ensure they remain robust, we are very confident members’ pensions remain secure. The 'sweep' takes care of message you already have, but it doesn't do anything for the messages that will be rolling in any second now. Mr Galvin said: “I want to assure you that data privacy and security is a top priority for us. The methodology will be presented as soon as COP28 and transactions for coal-to-clean credits could be signed in 2024, following its accreditation. Bosses said in May that the funding position looks “very encouraging” and revealed a £7.6bn surplus.Īnnouncing the surplus, USS group chief executive, Bill Galvin – who will be replaced by NatWest employment director Carol Young later this year – sought to soothe fears about the Capita data breach. The Coal to Clean Credit Initiative (CCCI), a consortium of global experts, is developing a world-first carbon credit methodology and starting a consultative process this month. Recent scheme valuations have suggested that the USS is better capitalised than in previous years. University staff launched industrial action earlier this year amid claims by the University and College Union that the USS had reduced retirement benefits. Professors sued directors and trustees for failing to divest in fossil fuels, which they say threatens to diminish returns. Pension fund bosses warned in May that they could not “confirm if the personal data of some of USS’s 470,000 members had been accessed.Įarlier this month USS faced a backlash from staff at London Universities for not doing enough to protect the environment. We’ve seen the symptoms of it in terms of the sewage crisis, in terms of London’s water supply running out, in terms of leaked pikes not being repaired.The USS was a high-profile victim of a cyber attack against Capita, the outsourcing company that administers the pension fund.
He said: “The regulator has clearly known the situation is developing. ”īut Mr Sharkey said ministers and regulators were to blame for the current crisis adding that the issues have been “building for some time”. Philip Dunne MP, the chairman of the Environmental Audit Committee, said if the Government took over water companies, this “would not resolve the fundamental issue for those that have been overgeared. “We need to make sure that Thames Water as an entity survives.” Kemi Badenoch, the Business Secretary, told broadcasters on Wednesday that she was “very concerned” about Thames Water and added: “Obviously this is a commercially sensitive situation and I know that my colleagues across government are looking at what we can do. The process would result in the taxpayer controlling and funding the company until a buyer is found. Mr Sharkey’s comments came as Whitehall last night was drawing up contingency plans to put Thames Water into special administration if needed. The water sector has built up a debt pile of £60bn, having taken advantage of years of lower interest rates. He said this would provide a solution to an industry which is currently “very financially fragile”. But here’s the thing, the outcome of it all you will end up with debt free, forward looking, profitable businesses.” “This may cause a lot of pain to the shareholders who put very little money into these companies. This afternoon they can simply issue enforcement orders… effectively the Government would take control of the management of those companies while leaving them in the private sector and detail exactly what investment needs to be paid down, what debts need to be paid, what investment needs to be made in infrastructure, what executive pay, dividends should be. He said: “There is another solution and it’s a power that government has at their disposal. Mr Sharkey, who is also a music industry executive and former frontman of The Undertones, said the Government should issue an enforcement order to take control of suppliers, rather than renationalising the water industry. Rishi Sunak must seize control of Thames Water as early as this afternoon as Britain’s biggest supplier teeters on the brink of collapse, the campaigner Feargal Sharkey has said.
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