UK - Lawrence Churchill has been reappointed as chair of the Pension Protection Fund (PPF).

Churchill's existing contract, which runs out on Saturday, has been renewed for another three-year period, the Department for Work and Pensions (DWP) announced today.

"I am delighted to accept a second term's appointment to continue establishing the PPF as a stable and resilient institution, which commands the confidence of scheme members and sponsoring employers alike," Churchill commented.

The DWP also disclosed Churchill "will be paid £85,313 per annum for two days service per week".

The £800m (€1.2bn) UK pension life boat PPF has recently changed its management structure creating the positions of a director of financial risk and of a chief operating officer.

In both positions, the incumbent interim appointments, Martin Clarke and Peter Walker respectively, where confirmed earlier this year.

Changes followed Partha Dasgupta's promotion from investment director to chief executive one year ago.