Today, Mr Lawrence Churchill was appointed as the Chair of the NEST Corporation. He will start as Chair Designate from 1st February 2010 and take on the full responsibilities as Chair on 5th July 2010, when the NEST Corporation is established. He will start by participating in the recruitment of other trustee members of the NEST Corporation.
Announcing his appointment Minister of State for Pensions & the Ageing Society, Angela Eagle said:
“Lawrence Churchill brings a wealth of experience of pensions to this challenging role, and has a long career of operating at the highest level in large and complex organisations. His appointment as Chair demonstrates our commitment to recruiting people with a proven track record and the expertise to get the job done.“
Mr Churchill said:
“I am delighted to be appointed as the Chair of the NEST Corporation. Setting up a trust-based, occupational pension scheme, with millions of members, is going to be a major undertaking, and I look forward to being able to play a major part in this radical change to workplace entitlements.
“One of my first tasks will be to take part in the selection of the other trustee members who will form the NEST Corporation to ensure that it has a wide range of skills and experience to help it launch and run NEST.”
NEST (previously known as personal accounts) will ensure that all employers have access to a suitable pension arrangement in order to fulfil their new duties under the Pensions Act 2008. It will extend the benefits of an occupational pension – including an employer contribution and tax relief - to millions of employees who currently do not have access to a good workplace pension. It will offer low charges to allow employees to keep more of their savings. We estimate that between 3 and 6 million people will be automatically enrolled in the scheme from 2012.
Notes to editors
1. The Pensions Act 2008 (Commencement No. 5) Order 2010 (SI 2010/10) provides for the NEST Corporation to be established on 5th July 2010. The NEST Corporation will run NEST – a new, low-cost, simple pension scheme for moderate to low earners (previously known as personal accounts). 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. As a consequence, the Personal Accounts Delivery Authority which was set up as a time-limited body to give advice to government, will be wound up.
2. Lawrence Churchill’s appointment will commence on 1st February and will be for an initial period of five years. He will receive £97,500 annual remuneration. Although this appointment did not come within the remit of the Commissioner for Public Appointments, it was made using a process which took into account the Commissioner’s Code of Practice as best practice.
3. All public 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 has declared that he is not a member of a political party and has made no donations to any party.
4. Lawrence Churchill is currently the Chair of the Pension Protection Fund (PPF) and will retain this role until 30th June 2010 when his appointment is due to end. The DWP will shortly be commencing an exercise to recruit a new Chair of the PPF. Lawrence Churchill will be Chair Designate until the NEST Corporation is established on 5th July 2010 when he will take on full duties as Chair.
5. Additionally, Lawrence is a member of the Board for Actuarial Standards, the senior independent director of Good Energy Group plc and of the Tunbridge Wells Equitable Friendly Society, and a non-executive director of BUPA.He previously held executive positions as chief executive for UK, Irish & International Life at Zurich Financial Services and managing director of Nat West Life & Investments.
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