Of course, as the FT reports, the next best job to being a Vice-Chancellor is to be a member of the 8-man University Pension Scheme Executive Committee; they were paid an average of £488,000 each in 2016/17. Plus, no doubt, the pension benefits.
There's only one problem with this academic cornucopia, under which VCs have grown fat as butter and as rich as pre-reformation abbots and even the Head of the School of Pig Farrowing at Steeple Bumstead earns more than the Prime Minister. We can't afford it. The pension fund has assets of £60bn but liabilities of £77.5bn. Something needs to be done.
Part of the problem is that each participating institution doesn't have to balance its books; Steeple Bumstead can award its teaching staff the most outrageous salaries, salaries that accumulate pension liabilities way beyond the institution's own contributions and share, but the scheme as a whole must meet the costs. The universities can't increase student fees any further, as this will kill the goose. And all those podgy-fingered vice chancellors feasting at their high tables on fine foods and wines won't take a cut in their wedge. So either the taxpayer bails the broke USS out or the pension fund cuts its benefits .... and you can probably see which way this is going.
|Glynis Breakwell, Bath Uni VC on a wedge of £451,000. Not sure who the bloke is.|