Pension Protection Fund Chief Executive to step down

Alan Rubenstein to leave next year

The Chief Executive of the Pension Protection Fund (PPF) will step down in early 2018 it was announced today.

Alan Rubenstein has informed the board of his intentions to leave after eight years at the helm of the organisation that protects millions of people in the UK who belong to defined benefit pension schemes.

During his tenure as Chief Executive the PPF grew from £2.9bn of invested assets to over £30bn today, while 235,000 members have transferred to the PPF.

Arnold Wagner, Chairman of the PPF, said “As a result of his achievements as Chief Executive, the PPF is in a strong position, well placed to continue to protect the millions of people in the UK who belong to defined benefit pension schemes. Our task now is to locate a successor to pilot the PPF through its next phase of development.”

The PPF was thrust into the spotlight last year following the collapse of BHS after 20,000 pension scheme members feared they would lose their hard earned retirement funds.

Thanks in part to the PPF a second administrator was appointed and eventually former BHS owner Sir Philip Green agreed to pay £363m towards a new scheme.

Alan Rubenstein said: “After eight hugely enjoyable and successful years with the PPF, I have decided that the time is right to seek a fresh challenge. I’m enormously proud of the progress we have made during my time as Chief Executive.”

“Above all, between the Pension Protection Fund, and the Financial Assistance Scheme which we run for Government, almost half a million people are now better off thanks to the protection we provide,” he added.

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