On the go: Universities Superannuation Scheme group chief executive Bill Galvin will be stepping down in 2023 in order to “refresh” the leadership team.
Galvin, who has been in the post for a decade, will continue to lead the £90.8bn hybrid scheme until his successor is in place, with the recruitment process being led by USS trustee board chair Dame Kate Barber.
“A decade is a long time for a CEO to lead any organisation. I believe it is important that organisation leadership does refresh periodically, and earlier this year I started to discuss the implications with Dame Kate,” he said.
Galvin, who was previously CEO at the Pensions Regulator, oversaw the scheme during a troubled period, following the contentious conclusion of its 2020 valuation, which resulted in a £14bn deficit and the need for increased pension contributions.
Trade union members have walked out on strike on several occasions, with another nationwide strike ballot launched on September 6.
Unions are unhappy with reform proposals agreed between the USS trustee and Universities UK, the group that represents USS employers, which pledged greater covenant support and a moratorium on scheme exits in exchange for a comprehensive governance review.
Recent monitoring reports have shown the scheme in a significantly improved financial position — the deficit has transformed into a £1.8bn surplus in 18 months — which the University and College Union has taken as proof that it was right to question the timing of the 2020 valuation and to object to the proposals stemming from it.
Galvin added: “To my successor, I would say this: it has been an extraordinary privilege to play a part in the evolution of this incredibly important institution.
“I work with exceptionally talented and caring colleagues at USS. Across the operating businesses and the boards, few organisations have such capability and commitment at their disposal.
“There is much to do, particularly in these turbulent times, as we continue to improve the scheme in the interests of our members and employers and I will remain very focused on that until it is time to pass the baton.”
Barber noted that Galvin’s decision “is rooted in what he believes is in the best interests of USS”, adding that the board is “focused on overseeing a smooth transition, with Bill’s full support, and will make further announcements in respect of his successor in the coming months”.
