Universities Superannuation Scheme (USS) group chief executive Bill Galvin is to step down in 2023 after a decade in the role. He will continue to lead USS until his successor takes charge.
During his tenure, Galvin has been a controversial figure having to steer the £90bn scheme for universities and other UK higher education institutions through some challenging circumstances.
In 2018 Galvin faced calls to resign with an online petition signed by 652 people called for him to go because: “The University Superannuation Pension Scheme under CEO Bill Galvin has been so poorly run that USS failed to submit its valuation of the pension scheme within the statutory 2018 deadline.”
On another occasion, academics belonging to the scheme led a revolt against the fund’s “morally unacceptable” investments, backed by investment charity ShareAction.
In early 2020 he again came under pressure when the scheme’s deficit doubled to £12.9bn due to market volatility.
By January 2022 that deficit had reduced to £2.9bn.
And in the summer, Galvin faced criticism from the scheme’s members after it was revealed that he had been paid a £108,000 performance bonus for the financial year to the end of March 2022.
But Galvin did help shape the scheme in a positive way through introducing a hybrid pension offering and building an in-house investment team.
He also was instrumental in early 2022 in USS collaborating with 11 other pension schemes to support the climate transition in emerging markets, an initiative supported by the then UK pensions minister Guy Opperman.
The funds were committed to explore how greater impact could be achieved through a shared understanding of the need and opportunity to provide such investments in these markets.
Galvin said of his decision to leave: “A decade is a long time for a CEO to lead any organisation. I believe it is important that organisation leadership does refresh periodically.”
On the job and the scheme going forward, he added: “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.”
Dame Kate Barker, chair of USS’ board, said: “Bill has been an outstanding leader for USS: passionate about the scheme’s purpose, about its people, and about the vital importance of quality pensions to the higher education sector. Under his guiding hand, USS has become one of the most high-performing and efficient private pension schemes in the country.”
But University and College Union general secretary Jo Grady said this was an opportunity for a reset on the scheme. “As Galvin leaves USS, there is an opportunity to usher in a new era and ensure the scheme works in the interests of the staff who pay into it.”
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