9. STAFF COSTS (continued)


Year ended 31 July 2021


Professor Nic Beech


£’000


Vice-Chancellor remuneration Basic salary


Payments in lieu of pension contributions Contribution to relocation costs


Pension contributions Total remuneration


250 25 10


285 –


285


Professor Nic Beech: 3 February 2020 - 31 July 2020


£’000


124 12 10


146 –


146


Year ended 31 July 2020 Interim


Vice-Chancellor James Kennedy:


2 September 2019 – 2 March 2020


£’000


106 – –


106 20


126 Former Vice-


Chancellor Professor Tim Blackman: 1 August 2019


– 30 September 2019 £’000


44 5 –


49 –


49


The Vice-Chancellor Nic Beech’s annual total remuneration is £285k for the year ended 31 July 2021. The Vice-Chancellor received £10k in the form of earnings which represents the second half of a £20k one-off contribution to relocation expense that was ratified by the Remuneration Committee. No performance related pay has been awarded during the year 2020/21.


The Vice-Chancellor did not receive any pension contributions in the year. The Vice-Chancellor voluntarily withdrew from the LGPS on the date of his appointment (3 February 2020) and, in accordance with an understanding reached upon joining the University and ratified by the Remuneration Committee, has received, from that date, a monthly salary adjustment (shown within remuneration as ‘payments in lieu of pension contributions’) in the form of earnings as 10% of his annual basic salary. The 10% is below LGPS Employer’s pension contribution of 20.7% for the year ended 31 July 2021.


Justification for the total remuneration package for the Vice-Chancellor Processes and oversight of remuneration decision The Vice-Chancellor’s remuneration is set by the University’s Remuneration Committee.


To establish basic salary the Remuneration Committee considers pay benchmarking data in respect of heads of institution provided annually by Universities and Colleges Employers Association (UCEA) and the Committee of University Chairs (CUC) for the UK Higher Education sector. Specific benchmarks includes median and mean comparisons as well as quartile pay and total pay data for all institutions, post-92 universities and universities within a similar institutional income bracket.


The University provides to the Vice-Chancellor only benefits in kind that simply flow from being an employee of University and that are available to all employees. The extra allowances are paid in the form of earnings.


Performance-related pay is awarded based on Vice-Chancellor’s previous year’s performance and is linked to the value delivered by the Vice-Chancellor.


Justification for the level of remuneration


The University is based in London and operates within a competitive employment market of the environment of higher education sector. The University aims to recruit and retain talented individuals in professional roles with appropriate skills, experience and performance in support of the University’s strategic objectives. The remuneration packages are scrutinised by the Remuneration Committee to ensure the basic annual salaries and other earning allowances are appropriately set.


The latest official statistics published by Office for Students for the pay to the heads of higher education providers cover the academic year 2017/18. As per this data the average total remuneration of higher education providers in the revenue range from £150m to £250m was £301k. The Vice Chancellor’s total annual remuneration of 285k in 2020/21 is below the


117


Financial Statements 2020/21


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