Bleak USS midwinter

Did readers see Universities Superannuation Scheme investment staff kissing Santa Claus? Their stockings were stuffed with bonuses (averaging £36,000) again this year. Clearly Santa hasn't heard of performance-related pay. Over the past five years, USS investments haven't even kept up with inflation, despite a 50 per cent increase in the size of the investment team. So it's still "ding dong merrily on high" for City fund managers while the rest of us are stuck in the bleak midwinter.

Amy Chamier, London