Galvin will leave his current position at the end of June in order to take up a new role as group chief executive of the Universities Superannuation Scheme Ltd (USS).
For his remaining time at the regulator Galvin will have no further involvement with any matters related to the regulation of defined benefit (DB) schemes, including regulatory strategy and policy, and discussions with external stakeholders and European regulatory authorities to avoid any potential conflict of interest arising from his future role.
Until a new chief executive is appointed, the regulator’s work on DB schemes will be directly overseen by the regulator’s chair Michael O’Higgins, and managed by the regulator’s executive director for DB regulation Stephen Soper.
The regulator will shortly begin a recruitment process to find Mr Galvin’s successor. Galvin 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.
During his final three months at the regulator, Galvin will continue to lead the areas of work not related to DB regulation.
Steve Webb, minister for pensions, says: “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.
TPR chair Michael O’Higgins says:”During Bill’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 reorganisation of the regulator around its three key tasks – defined benefit, defined contribution, and automatic enrolment – he leaves us well prepared for our growing remit. I have enjoyed working with Bill and am very sorry that he will be leaving us, but wish him the best in his new role.”
Galvin says: “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.”
