USS invests £1bn of your pension money in a water company after it has been loaded with debt by a corporate raider and given record fines for pollution caused by rundown infrastructure, and which is overseen by a regulator asleep at the wheel – what could possibly go wrong? Well, more debt, more financial instability and more pollution and fines. And zero income. Oh, and a loss of £600m in the value of the investment. We tell the sorry and continuing tale of USS and Thames Water here.