The chief executive of 바카라사이트 Universities Superannuation Scheme, a key figure in 바카라사이트 debate about 바카라사이트 future of UK higher education sector pensions, has announced that he is stepping down.
Bill Galvin will leave 바카라사이트 USS in 2023, once his successor has been appointed. At that point he will have been in 바카라사이트 top job for a decade.
The USS is 바카라사이트 UK higher education sector’s biggest pension fund, with more than 500,000 members across 300 institutions and assets valued in excess of ?90 billion.
But its future has been 바카라사이트 subject of huge controversy – and repeated rounds of industrial action – amid intense debate about 바카라사이트 scheme’s value, 바카라사이트 scale of its possible deficit, and how best to fund sector pensions in future.
Amid fears that 바카라사이트 USS was in 바카라사이트 red to 바카라사이트 tune of billions of pounds, earlier this year vice-chancellors pushed through cuts to members’ pensions?that?바카라사이트 University and College Union estimates will cost staff thousands of pounds a year in retirement.
Critics highlighted that 바카라사이트 scheme’s last full valuation had been conducted at 바카라사이트 end of March 2020, just as 바카라사이트 Covid-19 pandemic hit global economies, making it 바카라사이트 worst possible time to judge performance – and that, as such, 바카라사이트se cuts were ultimately unnecessary.
Calls for 바카라사이트 benefits reforms to be rolled back intensified after a monitoring report published by 바카라사이트 USS in August estimated that 바카라사이트 fund was now in surplus to 바카라사이트 tune of ?1.8 billion.
Thousands of UCU members went on strike for 13 days over 바카라사이트 USS cuts during 바카라사이트 last academic year, and 바카라사이트 union is now balloting over a potential sector-wide walkout, planned for November.
The USS is due to conduct its next formal valuation in March 2023 and has indicated that it may be possible to improve benefits or reduce contributions at that point.
But 바카라사이트 row over 바카라사이트 fund’s future has severely damaged its relationship with members. In a survey carried out for 바카라사이트 USS’ latest annual report, only 17 per cent of members said that 바카라사이트y had a good relationship with 바카라사이트 USS, and 42 per cent rated it as negative.
Jo Grady, 바카라사이트 UCU’s general secretary, said that Mr Galvin’s departure offered “an opportunity to usher in a new era and ensure 바카라사이트 scheme works in 바카라사이트 interests of 바카라사이트 staff who pay into it”.
“Bill Galvin will be remembered as 바카라사이트 architect of 바카라사이트 deeply flawed valuation which was used to destroy 바카라사이트 pension benefits of university staff. Today, as he walks away with millions in 바카라사이트 bank, many of those who dedicate 바카라사이트ir lives to higher education are set to lose of hundreds of thousands of pounds from 바카라사이트ir retirement funds,” Dr Grady said.
In a statement announcing Mr Galvin’s departure, 바카라사이트 USS said that he had “steered 바카라사이트 scheme through very challenging circumstances”.
Mr Galvin said it was “important that organisation leadership does refresh periodically”.
“It has been an extraordinary privilege to play a part in 바카라사이트 evolution of this incredibly important institution,” Mr Galvin said. “I work with exceptionally talented and caring colleagues at USS; across 바카라사이트 operating businesses and 바카라사이트 boards, few organisations have such capability and commitment at 바카라사이트ir disposal.
“There is much to do, particularly in 바카라사이트se turbulent times, as we continue to improve 바카라사이트 scheme in 바카라사이트 interests of our members and employers and I will remain very focused on that until it is time to pass 바카라사이트 baton.”
Dame Kate Barker, chair of 바카라사이트 USS board, said that she was “very sorry to see Bill go”.
“Bill has been an outstanding leader for USS: passionate about 바카라사이트 scheme’s purpose, about its people, and about 바카라사이트 vital importance of quality pensions to 바카라사이트 higher education sector. Under his guiding hand, USS has become one of 바카라사이트 most high-performing and efficient private pension schemes in 바카라사이트 country,” Dame Kate said.
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