25 March 2010 – Government announces team to run NEST Corporation

Today, the Minister of State for Pensions and the Ageing Society announced the appointment of further members of the NEST Corporation:

• Jeannie Drake (Deputy Chair)
• Tom Boardman
• Laurie Edmans
• Dianne Hayter
• Chris Hitchen
• Julius Pursaill
• Sue Slipman

Angela Eagle said:

"These appointments show the Government is committed to recruiting people with proven track records and the expertise to get the job done.  Being a trustee of NEST will be a challenging role.  These people bring a wealth of experience in running pension schemes, representing consumer and worker interests, and operating in complex delivery environments."

NEST will ensure that all employers have access to a suitable pension arrangement to meet their new duties under the Pensions Act 2008 to auto-enrol employees into a workplace pension.  It will extend the benefits of workplace pension saving with a mandatory employer contribution to millions of workers, many for the first time.

Lawrence Churchill, Chair Designate of NEST, who took part in the selection process for members, said:

"We have recruited a number of high calibre individuals who will bring a wide range of skills and experience to the NEST Corporation. With these appointments, I’m confident we are building a strong team to run NEST.

"Setting up a trust-based, occupational pension scheme, with between 3 and 6 million members, is going to be a major undertaking, and I look forward to working alongside these new appointees and playing a major part in this radical change to workplace entitlements"

Notes to Editors

1. The NEST Corporation will run NEST – a new, low-cost, pension scheme for moderate to low earners. The establishment of the NEST Corporation will enable the trustee to make certain key decisions – such as agreeing the Statement of Investment Principles – that are necessary for NEST to start operating.
2. Lawrence Churchill was appointed as Chair designate of the NEST Corporation from 1st February 2010.
3. Jeannie Drake’s appointment as Deputy Chair designate will commence on 1st April 2010 (and will be for a period of four years) converting to Deputy Chair on 5th July 2010. She will receive £35,880 annual remuneration for a time commitment of one day a week from 5th July.
4. Jeannie is currently the acting chair of PADA. She also serves on the Board of the Pension Protection Fund and the Employment Appeals Tribunal. She was previously a Commissioner on both the Equal Opportunities Commission and the Equality and Human Rights Commission. Between 2002 and 2006 she served on the Pensions Commission. She also has experience in the private sector, and is currently a pension scheme trustee for both O2 and the Alliance and Leicester.
5. The following individuals have been appointed as Member designates. Their appointments will commence on 1st April 2010 and for terms of either four or five years. The appointments will convert to Members on 5th July 2010. They will receive a remuneration package of £20,100 per annum for a time commitment of 30 days a year.
   • Tom Boardman 5 year appointment
   • Laurie Edmans 4 year appointment
   • Dianne Hayter 5 year appointment
   • Chris Hitchen 5 year appointment
   • Julius Pursaill 4 year appointment
   • Sue Slipman 5 year appointment

   Tom Boardman has been involved in the pensions and insurance industry with the Prudential and Nationwide for over 35 years in a wide variety of roles. He is currently Director of Retirement Strategy and Innovation at Prudential UK; however, he will be leaving the Prudential role prior to taking up his NEST appointment.  He is a Fellow of the Institute of Actuaries, and Honorary Visiting Professor at the Cass Business School, and is a Governor of the Pensions Policy Institute. Tom is a member of the Investment Governance Group chaired by the Pensions Regulator.

   Laurie Edmans is currently chair of the Safe Homes Income Plans Group, and deputy chair of MGM Assurance. In addition, he is currently a non-executive director of the Pensions Regulator, and is a council member for the Pensions Policy Institute. He is a trustee of the Chartered Insurance Institute Occupational Pension Scheme. His executive career in the financial services industry included director of corporate development for Aegon.

   Dianne Hayter currently chairs the Legal Services Consumer Panel and represents users as chair of the Property Standards Board. She is also a member of the Pension Regulator’s Determinations Panel and of the Board for Actuarial Standards.  Previously she has been a Board member of the National Consumer Council and Vice Chair of the Financial Services Consumer Panel.

   Chris Hitchen is the Chief Executive of the Railways Pension Trustee Company Limited and its subsidiary rpmi Ltd.  He has extensive experience of all aspects of pension fund management, especially investment, having previously served as the rail scheme’s Chief Investment Officer, and as an investment consultant to a number of UK schemes.  He is a former Chairman of the National Association of Pension Funds (NAPF) and of the NAPF’s Investment Council, and holds a number of non-executive positions, including Chairman of Pensions Quality Mark Limited.

   Julius Pursaill is currently a non–executive Director and consultant with Julius James Ltd. His previous executive experience includes Head of eBusiness Europe and Head of Defined Contribution business at Merrill Lynch Investment Managers, and he has broad experience of both the institutional and retail financial service sectors, from business management, communication, technology and product development perspectives. Julius is also the Vice Chair of Governors of Mid Kent College of Higher and Further Education.

   Sue Slipman is currently the Director of the Foundation Trust Network and a Director and member of the corporate board of the NHS Confederation. She has served on a number of boards including as Communications Director on the Board of Camelot Group plc, and as Chair of the Financial Ombudsman Service. Sue has also worked with low income and vulnerable consumers in a number of roles, including Director of the National Council of One Parent Families.

6. These appointments were made using a process in line with the Commissioner for Public Appointments Code of Practice. All appointments are made on merit, without Ministerial involvement.
7. In accordance with the Nolan recommendations, there is a requirement for appointees’ political activity (if any declared) to be made public. In addition, the Political Parties, Elections and Referendums Act 2000 requires the Electoral Commission to publish a register of recordable donations. Jeannie Drake is a member and conference delegate of the Labour Party and previously a member of the Labour Party Forum. Dianne Hayter is a member of the Labour Party and sits on its National Executive Committee. Neither individual made a recordable donation to a political party. None of the other candidates declared that they are members of a political party or have made donations to any party.

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