The BT Group has appointed Jill Mackenzie as trustee chair of the BT Pension Scheme (BTPS), effective from 30 November 2023.
Mackenzie’s appointment follows the announcement in May this year that Otto Thoresen intended to step down from his position as trustee chair following the conclusion of the BTPS 2023 triennial valuation.
Since that announcement, Mackenzie has spent the past six months on the BTPS trustee board and shadowing Thoresen to ensure a seamless handover, the scheme announced.
Simon Lowth, chief financial officer of BT Group and director of the BTPS trustee, said: “Although we say goodbye to Otto and thank him for his leadership during this period of change, we are looking forward to working with Jill through the next chapter.”
Mackenzie said: “In these first months since my appointment, I have witnessed the dedication with which the trustees discharge their duties to the scheme and its members. Otto is handing over a robust governance framework and a collaborative and supportive boardroom culture both of which stand us in good stead for the future.”
Thoresen added: “It has been a privilege to chair the BTPS trustee board and I am grateful to colleagues on the board, both past and present, for the excellent support they have provided both to me and the scheme during my time as chair. I wish the board and the scheme’s members the best for the future.”
As Mackenzie takes on her new role, Andrew Clare has also been appointed to the BTPS trustee board.
Clare is professor of asset Mmnagement at Bayes Business School (formerly Cass). He joins the board with a strong track record in investment focussed trustee and non-executive director roles. He has published extensively in both academic and practitioner journals on a wide range of economic and financial market issues.
BTPS has seen a drop in its total assets – to £37.3bn this year compared to £46.9bn in 2022 – despite an improved funding position, according to the scheme’s annual report and accounts for the year to 30 June 2023.
Most recent news about the fund includes a longevity reinsurance agreement with Reinsurance Group of America (RGA) covering £5bn of pensioner liabilities.
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