Dissatisfaction with USS mounts as fund pays top staff more

In most organisations, presiding over a huge loss would result in the sack! At USS, the situation has become so normal that the boss gets a bonus despite the abysmal performance of the scheme. I wish I had a reward mechanism that was so generous. However, regular academics there are no bonuses and probably no pay rises for a while either.

“We share members’ frustrations at requirements for increased contributions and understand the impact this has on feelings about the scheme.” That doesn’t help. But the scheme’s leadership - and Bill Galvin in particular - need to understand too that the relationship is poor for more fundamental reasons to do with the behaviour of that same leadership over a lengthy period. Members simply don’t trust what they say or that decisions are being made in the interests of those the scheme is meant to serve. As the previous commenter points out, a doubling of the bonus paid to Mr Galvin at a time when he claims the deficit has grown further is also very poorly judged and further damages the relationship.

I started as a lecturer in 2016 and opted out of the USS then because I was concerned about its management and its treatment of members. Nothing in the intervening four years has allayed those concerns. I will continue to lose the employer contributions, so the Scheme has failed me significantly ... but in an invisible way. There are likely to be more young academics in my position going forward as contributions continue to rise, as benefits continue to be undermined and as trust continues to disintegrate. The USS administrators can continue to push for the deterioration of the Scheme; but they may soon find themselves with no new members to administer.

I have come to the USS late in my career and, fortunately, have acquired multiple final salary pensions along the way. With retirement a little over 4 years away I am adding a significant amount monthly (for me anyway and also as a Professional Support, non-academic member of the USS) into the Investment Builder element. My selection in this fund is performing outstandingly well with significant annual growth in the high teen percentage region. I find myself in a real dilemma though as the accrued benefits from the main scheme are deteriorating in real terms whilst costs increase. I can't withdraw from the main scheme and retain my investment in the additional scheme which is a tracker. Long preamble but the point is this - the tracker shows that some people are capable of making sound investment decisions whilst the main USS clearly are not. Time for a change methinks!

Hi