The Universities Superannuation Scheme, the UK¡¯s second biggest private pension fund, gave Tom Merchant the award for his hard work in a ¡°demanding year¡±.

Mr Merchant¡¯s total remuneration, including the bonus, rose by nearly a quarter to ?311,000 in the year to March, the Daily Telegraph reported.

The scheme¡¯s 84 investment staff were also given bonuses worth an average of ?36,000.

The USS said that the ¡°investment performance achieved and the growth in headcount resulted in increased bonus payments¡±, and that the scheme¡¯s assets increased from ?29.8 billion to ?32.3 billion.

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Members of the University and College Union went on strike in March after the employers won their battle for changes to the scheme, which include lower-value career-average benefits for new entrants, linking pension increases to the lower consumer prices index of inflation, and a cap for those inflation increases.

The UCU has a joint say in the running of the USS alongside the employers.

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When the UCU blocked the changes by repeatedly refusing to attend meetings, leaving the decision-making Joint Negotiating Committee inquorate, the USS threatened to take the union¡¯s representatives to court and leave them with heavy legal costs.

Sally Hunt, the UCU general secretary, accused the USS of seeking to ¡°bully and intimidate¡± the lecturers.

The UCU is currently holding a fresh ballot for more sustained industrial action on the USS, aimed at disrupting universities at the start of the new academic year.

Ms Hunt said: ¡°As USS members consider how to vote in the ballot, they will be angry to learn of such lavish perks after being told drastic changes were needed to save their pensions.¡±

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The USS payments are detailed in the scheme¡¯s accounts, lodged at Companies House. The full annual report and accounts will not be available until October.

A USS spokesman said performance-related bonuses ¡°are concentrated on five year review periods rather than an annual period¡±, and that the ¡°bonus scheme helps us to attract and retain talented staff¡±.

john.morgan@tsleducation.com