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28 March 2023

USS announces new Group Chief Executive

Carol YoungCarol Young will succeed Bill Galvin later this year as Group Chief Executive of Universities Superannuation Scheme Limited, the largest private pension scheme in the UK by assets.

Most recently working as Director of Reward & Employment at NatWest, Carol is expected to begin work at USS in September this year. Bill, who last year announced his decision to stand down, will continue to lead the organisation until Carol arrives.

Carol graduated from University of St Andrews with a First Class Honours Degree in Applied Mathematics, and was jointly awarded the Duncan Prize for Senior Honours Applied Mathematics.

She has been with NatWest since 2014, spent almost five years prior to that as Head of Pensions for Heineken UK, and worked as an investment consultant for Mercer between 2000 and 2009.

Throughout her career, Carol has led the development and delivery of all aspects of Defined Benefit pension strategy – incorporating funding, investment, capital and accounting treatment, regulatory engagement, and benefit design.

In her roles at NatWest, Carol led on all aspects of the bank’s reward and HR policies and governance, benefit programmes and pension obligations worldwide (for c.60,000 staff), and regularly engaged with shareholders, regulators, employee representatives, and government.

Carol is a non-executive director of the PLSA and has chaired PLSA policy councils and the CBI pension panel.

Carol said: “I’m delighted to be joining the USS team. Under Bill’s leadership USS has been known for its focus on innovation, best practice and member experience.

“It’s an exciting time to get involved, with important work ahead of us. I want USS to remain a great place to work for our colleagues, where we keep driving good outcomes for our members and employers and provide excellent support to our boards. It’s a privilege to take up the role, and I can’t wait to get started.”

Dame Kate Barker, Chair of the USS Board, led the search for Bill’s successor, with University and College Union and Universities UK-nominated directors joining her on the interview panel.

Kate said: “Bill is a very hard act to follow, but I have every confidence that USS will continue to thrive under Carol – who was the stand-out candidate in an outstanding set of applicants.

“Carol has a career-long interest in pension policy, is held in high regard across the pension sector, and brings a relatively unique mix of skills to the role: a proven pensions and HR executive who is also a CFA charter holder and a former investment consultant.

“This is a critical role in USS, and that has been reflected in how we’ve approached the appointment process. I am delighted Carol has agreed to join us, and I look forward to working with her.”