Bill Galvin will step down from his role as chief executive at The Pensions Regulator (TPR) in June to take up a new role as group chief executive at the Universities Superannuation Scheme (USS).
TPR will shortly begin a recruitment process to find Galvin’s successor. Until a new chief executive is appointed, the regulator’s work on defined benefit (DB) schemes will be directly overseen by TPR’s chair Michael O’Higgins, and managed by its executive director for DB regulation Stephen Soper.
Galvin (pictured) will take up his new position at USS in August. In accordance with government guidelines, he will have no dealings in his new role with The Pensions Regulator until October 2013.
Steve Webb, minister for pensions, 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.”
O’Higgins added: “During [Galvin’s] five years at the regulator, the last three as chief executive, he has provided strong and inspiring leadership.
“His impressive understanding of both strategic and technical issues has proved invaluable. Following his successful internal re-organisation of the regulator around its three key tasks – defined benefit, defined contribution, and automatic-enrolment – he leaves us well prepared for our growing remit.”
Galvin said: “Leaving the regulator will be very hard. I leave behind a hugely capable and committed team, which has a clear vision on how to support this vital industry.
“It has been a privilege to represent their outstanding work to the outside world. I wish them all very well.”