The outgoing chief executive of the UK’s largest higher education pensions scheme received a bonus of £262,000 in 2022-23, more than double the £108,000 he received last year.
Annual accounts for the Universities Superannuation Scheme (USS) show Bill Galvin, who is standing down from his role after a decade in charge, was also paid £528,000 in salary and benefits, taking his total pay package to £790,000.
Mr Galvin was by far the most highly paid employee at the USS, which now has 212 staff members paid more than £100,000-a-year – an increase of 25 since 2021-22. Carol Young has been appointed the next chief executive and will begin the role in September.
The accounts were published as academics lost a legal case in the Court of Appeal which accused USS directors of “breaching their duties”, in part because operating costs of the scheme rose from £40 million-a-year in 2010 to £160 million in 2020.
