Bill Galvin — current CEO of The Pensions Regulator in the U.K. — was appointed as the new group CEO of the £36 billion ($54 billion) Universities Superannuation Scheme, Liverpool, England, according to spokesmen from both organizations.
Mr. Galvin will start at USS in August, following the retirement of Tom Merchant, the current CEO.
At The Pensions Regulator, the government agency that oversees the U.K. occupational pension system, a replacement has not been appointed; Mr. Galvin will remain until the end of June. However to avoid any potential conflict of interest, he will not be involved in “matters related to the regulation of defined benefit schemes,” according to a news release. His responsibilities on DB plans will be assumed temporarily by Michael O'Higgins, the regulator's chairman, and Stephen Soper, the regulator's executive director for DB regulation.
“As The Pensions Regulator's chief executive, (Mr. Galvin) helped lay the groundwork for the introduction of automatic enrolment,” Steve Webb, the U.K.'s minister for pensions, said in the news release. “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.”