On the go: Ian Maybury, director at the trustee board of the Universities Superannuation Scheme, has resigned from his post after a disagreement on the pension fund’s latest actuarial valuation.
As previously reported by Pensions Expert, the USS, employer representative Universities UK and the University and College Union have been locked in protracted negotiations over the 2020 valuation results, which saw the hybrid scheme’s deficit quadrupling to more than £14bn.
To prevent this hike in the scheme’s shortfall, contributions will need to be raised to between 30.7 per cent and 42.1 per cent of payroll under the most favourable scenarios. However, unless employers agree to a series of conditions, the rates could be increased to as much as 56.2 per cent of payroll.
Commenting on Maybury’s resignation statement in which he detailed his reasons for leaving, the USS stated that “it had become clear that, after a long period of constructive debate and discussion, his views on important aspects of some key risk-related issues connected to the latest actuarial valuation were different to those of the board as a whole”.
In particular, Maybury noted that certain board decisions “would leave a residual risk to accrued benefits that was, in his judgment, too great”, the USS statement read.
He indicated that the differences were sufficient for him to feel that it was in everyone’s interests for him to step down, in order to enable the board to move forward with its next steps most effectively, it added.
Maybury has been an independent non-executive director at the USS since 2013. He currently chairs the pensions committee and is a member of the investment committee and governance and nominations committee.
Dame Kate Barker, chair of the trustee board, noted that Maybury “is a much-respected colleague who has made an invaluable and tireless contribution to the USS during his time on the trustee board”.
She added: “His decision to stand down is regrettable but is testament to his unfaltering integrity. His decision also speaks to the deep sense of duty felt by every member of the board in being entrusted with protecting members’ pensions. He will be greatly missed.”
