Defined Benefit  

Pensions lifeboat invites members to join board

Pensions lifeboat invites members to join board

The Pension Protection Fund is inviting a member to join its board, as it is looking to improve diversity.

In an advert on its website, the pensions lifeboat – designed to protect savers if their defined benefit scheme becomes insolvent – said it is seeking up to three non-executive directors for its board.

And while one of the roles is for a qualified accountant, and the other is for a commercial lawyer, the third one is open to PPF members.

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"For these roles, we're also keen to hear from people entitled to or in receipt of compensation from us, or members of a pension scheme that has been through our assessment period," the PPF stated.  

Applications from candidates from under-represented groups are welcome for all roles, it added.

Currently, the pensions lifeboat board has eight non-executive members, including its chairman, Arnold Wagner.

The PPF stated in the advert that it is happy to appoint candidates without prior non-executive experience, "subject to them demonstrating the experience, skills and behaviours to make a successful contribution" to the board.

Non-executive directors are paid £18,000 per year and are typically expected to commit around 26 days’ work, largely attending board meetings, additional committee meetings and preparing for meetings, the advert stated.

The PPF also stated that all roles involve providing an independent voice overseeing the governance and strategy of the organisation, as the board and its members are "accountable for the discharge of the responsibilities set out in legislation".

"This includes monitoring our financial controls and input into the appointment and remuneration of executive directors," it concluded.

Applications are being accepted until March 22.