The Pensions Regulator (TPR) chief executive Bill Galvin will leave his role at the watchdog at the end of June to become group chief executive at the £35bn Universities Superannuation Scheme (USS).
Galvin (pictured) has been appointed by the USS trustee board and will take up his new role in August. He will replace current USS chief executive Tom Merchant who is retiring from the post at the beginning of May.
To avoid any potential conflict of interest arising from his future role, for his remaining time with TPR Galvin will have no further involvement with any matters related to the regulation of defined benefit (DB) schemes, including regulatory strategy and policy, and discussions with external stakeholders and European regulatory authorities.
The regulator’s work on DB schemes will be directly overseen by the TPR chairman Michael O’Higgins, and managed by the regulator’s executive director for DB regulation Stephen Soper.
In accordance with Government guidelines, Galvin will have no dealings with TPR in his new role until October.
USS trustee chairman Sir Martin Harris said: “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. He will be just the fourth chief executive appointed by the company since its creation in 1974.”
Galvin added: “I am very pleased to be appointed group chief executive at USS, a highly respected pension trustee company. 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 joined TPR in October 2008 as executive director for strategic development before becoming acting chief executive in May 2010 then chief executive in January 2011.
Prior to that, he worked at the Department for Work and Pensions, where he led on pension protection policy. He previously worked as a strategy consultant at IBM Consulting and in strategy and marketing for IBM Global Services.
The pensions minister Steve Webb said: “I have enjoyed working with Bill Galvin at a time of major reform in the world of pensions. As The Pensions Regulator’s chief executive he helped lay the groundwork for the introduction of automatic enrolment, he has worked with the industry on new standards for defined contribution pensions, as well as seeking to ensure the proper regulation of company pension schemes. I wish him all the best in his new role at one of the UK’s biggest pension funds.”
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