PPF's Churchill to chair Nest Corporation

Mr Churchill will be responsible for recruiting other trustee members of the Nest Corporation - the new body with responsibility for Personal Accounts.

Angela Eagle MP, minister of state for pensions and the ageing society, welcomed the appointment, praising Mr Churchill's pensions experience.

She 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 is currently chairman of PPF and will step down at the end of June. A replacement will be sought in the coming months.

The new Nest Corporation chair is also a member of the board for Actuarial Standards, senior independent director of Good Energy Group and the Tunbridge Wells Equitable Friendly Society and a non-executive director of Bupa.

He was previously chief executive for UK, Irish and international life at Zurich Financial Services and managing director of Natwest Life & Investments.

Mr Churchill will receive a salary of £97,500 and has declared that he has no political affiliations and has made no donations to any political party.

The appointment was welcomed by Tim Jones, chief executive of Personal Accounts Delivery Authority.

He said: "He has extensive experience in financial services and pensions - both from an industry and consumer perspective.

"I am confident that he will use his many years of experience to help guide Nest Corporation through the days to come with an expert hand."

"This is an exciting and critical time for Nest. Lawrence will play a major part in helping to deliver it."