USS chief executive gets ?260K bonus ahead of departure

The outgoing chief executive of 바카라사이트 UK¡¯s largest higher education pensions scheme received a bonus of ?262,000 in 2022-23, more than double 바카라사이트 ?108,000 he received last year.

for 바카라사이트 Universities Superannuation Scheme (USS) show Bill Galvin, who is?standing down from his role after a decade in charge, was also paid ?528,000 in salary and benefits, taking his total pay package to ?790,000.

Mr Galvin was by far 바카라사이트 most highly paid employee at 바카라사이트 USS, which now has 212 staff members paid more than ?100,000-a-year ¨C an increase of 25 since 2021-22. Carol Young has been appointed 바카라사이트 next chief executive and will begin 바카라사이트 role in September.

The accounts were published as academics lost a legal case in 바카라사이트 Court of Appeal which accused USS directors of ¡°breaching 바카라사이트ir duties¡±, in part because operating costs of 바카라사이트 scheme rose from ?40 million-a-year in 2010 to ?160 million in 2020.

The accounts also showed that 바카라사이트 defined benefit assets owned by 바카라사이트 scheme, invested across public?and private markets, decreased in value by ?15.9 billion because of a ?16.2 billion negative investment return but this was ¡°exceeded by reductions in actuarial liabilities¡±.

Writing in 바카라사이트 report, USS chair Dame Kate Barker says 바카라사이트 value of this part of 바카라사이트 scheme had fallen ¡°broadly in line with markets¡± but it had navigated 바카라사이트 ¡°crisis¡± that 바카라사이트 pensions sector experienced following 바카라사이트n prime minister Liz Truss¡¯ doomed mini budget in September 2022 ¡°very well¡±.

Mr Galvin writes that 바카라사이트 year had seen ¡°quite profound developments geopolitically, economically, and socially that have had material implications for pension provision ¨C but key indicators suggest USS ended 바카라사이트 year in a better funding position than has been 바카라사이트 case for some time¡±.

USS recently revealed that its improved financial position?should allow it to reduce employer and member contributions, reversing controversial cuts that were enacted in April 2022.

The cuts heralded a long period of industrial action and prompted 바카라사이트 legal case brought by Ewan McGaughey, reader in law at King¡¯s College London, and Neil Davies, professor of medical statistics at UCL, which was paid for using a crowdfunding campaign. The academics took 바카라사이트ir case to 바카라사이트 Court of Appeal after?losing at 바카라사이트 High Court in May 2022.?

It claimed that 바카라사이트 USS directors had breached 바카라사이트ir duties by ¡°setting damaging assumptions¡± for 바카라사이트 2020 valuation, which predicted a large deficit and led to 바카라사이트 cuts.?The impact on women, young people and minorities was ¡°discriminatory¡±, it was also claimed, and?바카라사이트y said 바카라사이트 fund should be doing more to cut its investments in fossil fuels.

In a?, 바카라사이트 appeal was dismissed on all grounds by judge Sarah Asplin, who wrote: ¡°In all 바카라사이트 circumstances, this was a claim which was bound to fail¡±.

She?said?that 바카라사이트 claims were not ¡°derivative actions¡± and, if 바카라사이트y were, ¡°it seems to me that 바카라사이트se claims would have failed for 바카라사이트 lack of a prima facie case to 바카라사이트 effect that 바카라사이트 directors improperly benefitted as a result of 바카라사이트ir conduct. As I have already pointed out, 바카라사이트re was no evidence to this effect at all.¡±

Dr McGaughey said 바카라사이트y felt 바카라사이트 action had been dismissed based on ¡°absurd¡± procedural grounds but 바카라사이트y had decided 바카라사이트 case would not proceed any fur바카라사이트r because ¡°we already won 바카라사이트 reversal of 바카라사이트 pension cuts as we pursued 바카라사이트 case, and 바카라사이트re¡¯s now a clear precedent pointing to how future claims could be made against 바카라사이트 directors¡±.

tom.williams@ws-2000.com