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Pension Protection Fund Board appoints Executive Director

Thursday February 28th, 2013

The Pension Protection Fund (PPF) has announced that Chief Financial Officer, Andy McKinnon, has been appointed as an Executive Director to the PPF Board.

Mr McKinnon takes over at a time when PPF has more than £12.1bn of assets under management, more than 150,000 members and an up and coming member administration in-house.

The Executive Director, who joined the PPF in September 2012, is now accountable for the organisation’s financial systems and controls, the valuation of its investment portfolio and the management of external suppliers. He is also jointly responsible for the development of strategy and performance of the PPF.

The Pension Protection Fund protects millions of people throughout the United Kingdom who belong to defined benefit pension schemes. If their employers go bust, and their pension schemes cannot afford to pay what they promised, the PPF will pay compensation for their lost pensions.

Tens of thousands of people now receive compensation from the PPF and hundreds of thousands more will do so in the future. The PPF is a public corporation, set up by the Pensions Act 2004, and is run by an independent Board.

 Mr McKinnon said: “I am very much looking forward to playing an integral role on the PPF Board, particularly at this important time when the organisation is set to become the equivalent of one of the largest pension funds in the UK and a lifeline for so many people. I believe I can use my personal knowledge and experience to help the PPF to continue to grow and deliver real security for its members, now and in the future.”

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