The Universities Superannuation Scheme (USS) has named Bill Galvin, the current chief executive of the UK’s Pensions Regulator, as its new group CEO.
Galvin, who was formerly at the government’s Department for Work and Pensions where he headed up pensions protection policy, will take up his new role from August.
He will take over from current USS chief Tom Merchant, who is retiring, at what is one of the UK’s leading responsible investment institutions.
“I am delighted with the appointment of Bill Galvin as the company’s new group chief executive, after what has been an extremely thorough and careful recruitment process,” said USS trustee board chairman Sir Martin Harris. Galvin would provide the “strategic vision” for USS to meet future challenges.USS, with offices in both London and Liverpool, was in the news just this week as one of 41 major pension fund investors to back a new environmental, social and governance (ESG) disclosure framework for private equity. USS is currently engaging on topics such as the audit market and the scheme is a leading light in the PRI Initiative (Principles for Responsible Investment).
Galvin will be just the fourth chief executive at USS since its inception in 1974.
“Large, well governed schemes like USS are the best model for pensions delivery in this country, and I look forward to working with the trustees, the executive and the sector,” Galvin said.
The regulator will shortly start recruiting Galvin’s successor to make an appointment “as soon as practicable”.