UK higher education’s largest pension scheme has expressed “deep regret” after suffering heavy losses when 바카라사이트 value of?its stake in?Thames Water plunged to?“minimal” levels.
In annual accounts published on 25?July, Simon Pilcher, 바카라사이트 chief executive officer of?바카라사이트 investment arm of?바카라사이트 Universities Superannuation Scheme (USS), said 바카라사이트 outcome had led to?“serious reflection” within 바카라사이트 company about its approach to?future investments.
USS, which manages 바카라사이트 pensions of more than 500,000 university staff members, was one of 바카라사이트 major investors in 바카라사이트 ailing company, with its 20?per cent stake valued at ?956?million two years ago.
It admitted that it had in effect written off this money as Thames Water struggles to recover from amassing large debts.
“Despite our very best efforts, it is clear this has not been a successful investment,” said Mr Pilcher. “While poor performance of a single asset should be considered in terms of our overall performance…this has been deeply disappointing, and we recognise 바카라사이트 concern it will have caused our members.”
He said USS remained a shareholder in Thames Water, “but 바카라사이트 future outlook for 바카라사이트 company is unclear and 바카라사이트 value of our holding at 31?March 2024 was minimal”, adding: “We deeply regret having arrived at such a position.”
Despite 바카라사이트 challenges, 바카라사이트 accounts said that USS had a ?9.2?billion surplus in 바카라사이트 defined-benefit part of 바카라사이트 scheme.
This improving financial picture allowed for member contributions to be reduced from 9.8?per cent to 6.1?per cent in January, which it said was “one of 바카라사이트 lowest member contribution rates in 바카라사이트 50-year history of 바카라사이트 scheme”.
The University and College Union ended its long-running dispute over cuts to 바카라사이트 benefits of 바카라사이트 scheme last year, having secured a commitment to?reduce contributions.
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