USS announces changes to USSL and USSIM Boards
Dame Kate Barker will stand down as Chair of Universities Superannuation Scheme in July 2027, just shy of completing her final term, as part of carefully scheduled succession planning.
Dame Kate became a Director of Universities Superannuation Scheme Limited on 1 April 2020 and has been Chair since September 2020. She is also a member of the Trustee’s Investment Committee and Governance and Nominations Committee (GNC).
Having joined the Trustee Board during an extremely challenging period for the Scheme, Dame Kate will depart with USS in arguably the strongest position it has ever been in during its 50-plus-year history.
Commenting on her decision, Dame Kate said: “After a challenging decade of deficits and a procession of market shocks, USS has had a sustained and material surplus since 2023, the current member contribution rate is the lowest in the Scheme’s history, and we have a long-term investment strategy focused on supporting greater stability.
“Appointing my successor over the coming year, while we complete the Scheme’s current valuation, will afford them the maximum amount of time to establish themselves before the Scheme’s next valuation is due in 2029.”
A considered and comprehensive appointment process will now commence, with an advertisement on the Times website and engagement of a recruitment firm. USS expects to be in a position to confirm Dame Kate’s successor in early 2027.
New USSIM Board Chair announced
The sequencing of planned succession arrangements will also see Sarah Bates stand down as Chair of the USS Investment Management (USSIM) Board at the end of this year — a post she has held since September 2021. Sarah served on USSL’s Investment Committee between 2013 and 2021.
Both Sarah and Dame Kate informed the GNC of their decisions some time ago. After appropriate discussion on the needs of the Scheme, and their respective personal priorities, it was jointly agreed that it would be appropriate to carefully sequence the handovers.
Following a comprehensive process conducted by the GNC, Rita Bajaj will be joining the USSIM Board as a Director on 1 October 2026 and, subject to FCA approval, will become its Chair on 1 January 2027.
Rita is a highly experienced financial services professional who has held a number of roles at Board and Executive level throughout her career. The timing of the appointment will allow for a managed handover period between Sarah and Rita.
Sarah Bates commented: “It has been a privilege to have been a part of USS’s journey since 2013. In that time the Scheme has almost doubled in size from £40bn of assets under management to £80bn, evolving from a significant investor to the universal owner it is today.
“I want to thank my colleagues for their professionalism, dedication and determination during my time with USS. Rita is a fantastic appointment, and I look forward to welcoming her in due course to ensure a smooth transition.”
Rita Bajaj said: “I am delighted to be joining the USSIM Board and look forward to building on Sarah’s legacy in successfully implementing the Trustee’s investment strategy, being a responsible steward of the Scheme’s assets, and delivering on our promise to members.”