25 June 2007 - Churchill reappointed chair of Pension Protection Fund
Lawrence Churchill has been reappointed Chair of the Pension Protection Fund (PPF) for a further three years.
Secretary of State for Work and Pensions John Hutton said: “Lawrence Churchill's strong leadership and enthusiasm has been crucial to the success of the PPF. I am delighted he has agreed to continue as chair for another three years."
Mr Churchill said: “It has been an honour to have led the PPF in the cause of delivering pension security to scheme members whose employer has gone bust.
“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.”
The PPF provides compensation to members of eligible defined benefit pension schemes, when there is a qualifying insolvency event in relation to the employer, and where there are insufficient assets in the pension scheme to cover the PPF level of compensation.
The PPF is a statutory fund run by a Board established under the provisions of the Pensions Act 2004.
Notes to Editors
- Lawrence Churchill’s current contract expires on June 30 2007. His new three year contract will start from 1 July 2007. He will be paid £85,313 per annum for the equivalent to two days per week
- Prior to his original appointment Lawrence Churchill was Chief Executive of Zurich Financial Services, UK Irish and International Life from December 2002.
- This appointment has been made in accordance with the Office of the Commissioner for Public Appointments’ (OCPA) code of practice.
- All appointments are made on merit and political activity plays no part in the selection process. However, in accordance with the original Nolan recommendations, there is a requirement for appointees’ political activity (if any declared) to be made public. Lawrence Churchill engages in no political activity and holds no other public appointments.
Media enquiries: Lynn Eccles 0203 267 5141; Victoria Hatchett 0203 267 5121 or Ben Lloyd 0203 267 5136
Out of hours: 07659 108 883
Textphone: 020 32675145
Website: www.dwp.gov.uk
PPF press office enquiries contact Richard Hunt 020 8633 5931