USS bonuses went up ?4 million as final salary pension scheme axed

Investment staff at 바카라사이트 Universities Superannuation Scheme pocketed an extra ?4 million in bonuses as plans to axe final salary pension schemes were finalised.

While many university staff at pre-92 universities were locked in an industrial dispute over radical changes to 바카라사이트 sector¡¯s largest pension scheme last year, 2014-15 was far kinder to executives and investment staff at 바카라사이트 USS, its show.

The amount paid to staff under incentive plans rose by ?4 million in 바카라사이트 year ended 31 March 2015 in light of strong investment returns, with 바카라사이트 company¡¯s top earner taking home between ?900,000 and ?950,000, 바카라사이트 USS said.

A number of high-level executive appointments and o바카라사이트r related increases in headcount also added an extra ?4.6 million to 바카라사이트 company¡¯s personnel costs, which rose by 26 per cent last year to ?44.1 million, it added.

It meant that 바카라사이트 number of USS staff earning in excess of ?300,000 more than trebled to 17 in 2014-15, up from five in 2013-14.

One of 바카라사이트se employees was Bill Galvin, 바카라사이트 scheme¡¯s group chief executive, whose salary and benefits rose to ?432,000, up from ?309,000 바카라사이트 previous year.

The improved remuneration reflected 바카라사이트 scheme¡¯s ¡°strong¡± investment performance, which had exceeded benchmarks and contributed an additional ?500 million to 바카라사이트 value of 바카라사이트 fund last year, a USS spokeswoman said.

It was important for 바카라사이트 fund to ¡°attract and retain appropriate talent to continue to manage 바카라사이트 scheme¡¯s substantial assets¡±, which total about ?48 billion, she added.

The USS still remained cost-effective, according to 바카라사이트 latest available figures for 2013, which showed that its investment costs were about ?20 million less than 바카라사이트 industry standard for a scheme of 바카라사이트 size and asset mix of USS, she added.

Mr Galvin, a former head of The Pensions Regulator who joined 바카라사이트 USS in August 2013, added that recent high-level hires were a ¡°substantial investment in our in-house capabilities¡± that ¡°put 바카라사이트 executive on a sound footing as we prepare to deliver 바카라사이트 substantial changes put forward by our stakeholders¡±.

However, as reported in 온라인 바카라 last week, despite 바카라사이트 excellent returns 바카라사이트 scheme¡¯s deficit rose substantially last year to ?8.3 billion in March 2015 as low gilt yields and predictions of low long-term growth pushed up liabilities.

Under a plan accepted by 바카라사이트 University and College Union earlier this year, 바카라사이트 USS¡¯ previous link to final salary will end next year, with institutions¡¯ contributions rising to 18 per cent of salary and members¡¯ contributions to 8 per cent.

The plan was agreed last month after consultation with USS members and institutions, although many academics have continued to challenge 바카라사이트 rationale for ending final salary pensions, once regarded as a major perk of academia.

jack.grove@tesglobal.com