UK universities pension fund USS profits from M3 while Irish public pensions are cut to pay for construction

“The Financial Times published a story called ‘Ferrovial faces revolt over Cintra move’ on 11 March 2009. It described how toll company Cintra shareholders are rebelling against plans by construction Ferrovial, its parent comppany, to fully subsume Cintra. One of the group of investors rebelling is the Universities Superannuation Scheme (USS), which is the second largest pension fund for universities in the UK and Northern Ireland. Cintra is the tolling concessionaire for the M3 motorway, and Ferrovial is the construction company building it. Cintra shareholders, including USS, will profit from the M3, while pensions of public servants are being levied, in order to pay for the construction costs of the M3 …” (more)

[TaraWatch, 12 March]

Tags: ,

Leave a Reply