UK – The new chief executive of the Pension Protection Fund could earn close to £500,000 (€725,000) over the three-year appointment, and become a member of the blue-chip Civil Service Pension Scheme, according to the PPF job description.

The new CEO can look forward to earning an “attractive six figure package”, says the advert. This includes a “base” salary in the region of £150,000 per year plus a performance-related bonus of up to 10%.

Outgoing chief executive Myra Kinghorn currently earns £140,000, a PPF spokesperson told IPE.

The three-year fixed appointment means the new chief could earn up to £495,000 in total by the end of their term.

There is also a possibility of a contract renewal at the end of the first appointment period, said the PPF.

The spokesperson stated that the PPF hopes to appoint a new CEO by the summer. However, a formal date can’t be “pinned down” yet due to the number of candidates applying for the position and the selection process.

Kinghorn - former non-executive director of the Serious Fraud Office and member of the OPRA Board – was initially due to quit in the spring citing “work-life balance” as a reason for leaving.

However, the PPF today stated she might only step down in the early summer. No formal date has yet been set for her departure.

The spokesperson added that an interim CEO would be appointed by the PPF if a permanent appointment has not been made by the time Kinghorn leaves. He declined to comment on whether this interim appointment would be internal or external.

According to the job advert, the permanent CEO position also carries an “excellent benefits” package, which includes a final salary pension plan, 30 days holiday and 10.5 days public and privilege holidays.