UK's PPF looking for five non-exec directors

UK - The Pension Protection Fund is looking for three to five non-executive directors to assist executives with “key decisions” says chairman Lawrence Churchill.

Churchill has outlined the role of the fund that is being set up by the government to help members of under-funded pension schemes when the sponsor goes bankrupt.

He told a conference organised by the Pensions Management Institute that the fund would commence its activities in April 2005.

Churchill stressed the PPF was a non-departmental public body “at arms length from the government” with power to review the levy on an annual basis.

The chairman told IPE on the sidelines of the conference that currently two people have been lined up to be appointed executive directors, and that the appointments could happen by December.

The fund is now looking for up to five non-executive directors.

He said the PPF was recruiting from a broad field of competences and ‘several approaches to investments’ would be considered.

“We are looking for a blend of people who have got significant experience of investment management, client relationship, the law, consulting,” Churchill told IPE.

Churchill said the board of directors would face many delicate decisions, among which was the “very, very important responsibility to set the annual levy” which defined benefit and hybrid schemes are to pay to the PPF.

The duties of the non-executives, he also said, would be expected “to help and support executive directors in the best, most thoughtful way”.

Churchill said the appointment would be made well before April when the PPF is expected to be ‘up and running’.

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