Kiltartan Cross

Bill Galvin - Chief Executive /Non-Executive Director

Non-Executive Roles/Representative Bodies

USS INVESTMENT MANAGEMENT Ltd: Non-Executive Director, August 2013 to present. FCA Regulated.

PENSION AND LIFETIME SAVINGS ASSOCIATION: DB Council (Defined Benefit Pensions) 2014 - 2020

SOLICITORS REGULATION AUTHORITY (The Law Society): Non-Executive Director, Jan 2012 - Dec 2015

THE PENSIONS ADVISORY SERVICE: Non-Exec Director, July 2010 – July 2013

COMMITTEE FOR EUROPEAN INSURANCE AND OCCUPATIONAL PENSIONS SUPERVISORS (CEIOPS): Elected (by peer heads of national regulators) to the Managing Board, June 2010 – January 2011

INVESTMENT GOVERNANCE GROUP: requested by DWP ministers to chair an industry group of insurers and trustees to improve standards of investment governance in pensions (2008 -2011).

Invited in 2020/21 to represent the occupational pensions sector on the UK’s Climate Financial Risk Forum (set up by Bank of England and the FCA), and the HM Treasury’s Productive Finance Steering Group (focussed on mobilising private capital towards infrastructure/growth-related programmes) 

Chief Executive Roles (2)

UNIVERSITIES SUPERANNUATION SCHEME (USS) LTD Group Chief Executive Officer (July 2013 – present)

Responsible to the Board for the executive management of a £80bn pension fund with £3bn annual premium. An organisation of 600 staff, c£200m budget (total scheme cost base c£350m). Key achievements:

• Working with the subsidiary board, reshaped, refocussed and modernised the USS investment organisation, delivering a high performing fiduciary investment model (70% of assets managed in house, 60% internationally, almost 40% in private markets) at £100m/p.a  cost advantage to peers.
• Led the design and implementation of an innovative, hybrid (DB/DC) pension product offering (market leading design allowed USS to be one of the first UK DC schemes with illiquid investments)
• Engaged UK universities on pensions funding risk; negotiated substantial balance sheet support from a diverse group of employers to allow more efficient pension scheme funding.
• Navigated through several stages of pensions reform with the Higher Education Sector’s employers and unions. Agreed benefit changes and contribution increases over several (difficult) stages to support the scheme’s solvency.
• Worked with the executive and non-executive leadership to transform the board governance model and ways of working, enabling more structured strategic decision making, more nimble tactical responsiveness and more effective oversight. 
• Managed the organisation and board through challenging periods of industrial unrest and difficult conversations with union and employer stakeholders as the pressure on funding/contributions increased. Focussed on maintaining a steady path and presenting a calm media presence
• Transformed employee engagement (from below to well above benchmarks) over the period of my tenure, and maintained a very high performing organisation through Covid disruptions.  

THE PENSIONS REGULATOR (TPR) Chief Executive (May 2010 – June 2013)

Responsible to the TPR Board and the Secretary of State for the delivery of the Regulator’s objectives: the solvency of work-based pension schemes; the protection of the Pension Protection Fund from moral hazard; the protection of consumers of occupational pensions; and the creation of an education and enforcement regime to ensure all UK employers enrolled all their employees in pension schemes from 2012 (400 employees; £60m budget). Key achievements: 

• Led the organisation’s growth from a single line of business (DB funding), doubling in size to take on new responsibilities in the regulation of DC pensions, public sector pensions and the employer duties to enable auto-enrolment.
• Oversaw the design and outsourcing (£100m contract), of the compliance regulatory regime for employer duties in automatic enrolment, and oversaw the delivery of awareness and education programmes (1.3m employers, 200K advisers) to ensure industry readiness for the most significant changes to workplace pensions in generation.
• Steered regulation of occupational pensions through the challenges presented by the global financial crisis (GFC), retaining credibility with the regulated sector and government support for a regime that took over £30bn p.a. in employer pension contributions from corporate Britain.
• Negotiated with several government departments to navigate the organisation through the subsequent efficiency and reform challenges (UK ‘austerity agenda’) for all public sector bodies with significant credit, retaining an increased budget and headcount. 

Previous Executive Roles

THE PENSIONS REGULATOR, Executive Director, Development (October 2008 - May 2010)

Appointed by Secretary of State as an executive member of the Regulator’s Board. Responsibility for all strategy, research and analysis, regulatory policy, regulatory programmes, and communications. 

DEPT FOR WORK AND PENSIONS (DWP), Deputy Director, Pensions Protection (May 2006 – Oct 2008)

DWP sought corporate finance experience to add to their pensions policy making. Responsible for advising ministers on pension protection policy and stewardship of non-departmental bodies (Regulator, Protection Fund). Negotiated with HM Treasury and lobby groups a settlement for compensation to 140,000 members of failed pensions schemes (from the pre ‘protection regime’). 

IBM UK LTD, GLOBAL SERVICES, Market Manager, EMEA North Region (June 2005 – May 06)

Asked to restructure and redevelop the go-to-market function in North Region (a $2bn services business in UK, Ireland, NL, South Africa). I was given responsibility for all go-to-market investment (market insight, business planning, marketing communications and routes-to-market alignment).

IBM UK LTD, Market Manager, Services and Solutions, EMEA North (May 2004 – June 2005)

Asked to lead a transformation of IBM’s entire go-to-market strategy (pivot from product-based programmes and silos to solution focussed sales and marketing) in North Region 

IBM STRATEGY CONSULTING UK. Managing Consultant, Strategy (Mergers & Acquisitions) (2001 - 2004)

Worked in senior advisory roles, on strategic M&A/business development issues, including the delivery of value through inorganic growth and post-merger integration strategy. Focussed on the creation and measurement of value through merger activity, particularly the realisation of planned synergies through focussed post acquisition programme work. Worked on pre and post-merger activity in France, UK and Scandinavia, in retail, finance and industrial sectors.

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