University pension chief pockets £50,000 'reward' as scheme members set to lose over £100,000

It was also revealed that 84 investment staff received bonuses worth an average £36,000. While the chief executive and investment staff enjoy whopping bonuses, new members of USS are set to lose more than £100,000 over the course of their retirement because of the changes.

USS members in UCU are currently voting on whether or not to take industrial action in the autumn in the increasingly bitter row about changes to their pensions. The ballot result is due back on Wednesday 14 September.

UCU general secretary, Sally Hunt, said: "The row over changes to the USS is still going on with union members being balloted over potential industrial action in the autumn. It is a little surprising to learn that the chief executive has been rewarded to the tune of £50,000 for his efforts in a dispute which has not been resolved.

'As USS members consider how to vote in the current ballot on industrial action, they will be angry to learn of such lavish perks after being told drastic changes were needed to save their pensions.

'All sorts of tricks have been used to misinform members about the state of the scheme - including a taxpayer-subsidised advert based on a snapshot of the scheme's value rather than a proper valuation.'

In May USS was accused of railroading through unnecessarily draconian changes to the pension scheme that will see members' contributions increase in exchange for fewer benefits. They will also see the end of the final salary scheme for new entrants.

The union said, as well as unnecessary, the changes did not have the support of members after an overwhelming majority rejected them in consultative ballots.