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Departing USS CEO Bill Galvin 'architect' of a valuation used to destroy pension benefits

28 September 2022

Responding to news that Bill Galvin is set to step down as CEO of the Universities Superannuation Scheme (USS), UCU general secretary Jo Grady said:

'Bill Galvin will be remembered as the architect of the deeply flawed valuation which was used to destroy the pension benefits of university staff. Today, as he walks away with millions in the bank, many of those who dedicate their lives to higher education are set to lose hundreds of thousands of pounds from their retirement funds.

'The USS scheme has, as expected, returned to surplus. 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.

'There is no credible argument against revoking the cuts and restoring pension benefits - and a commitment to that must be forthcoming. If it isn't, university staff will deliver the biggest wave of strike action UK higher education has ever seen.'

Last updated: 29 September 2022