Myra Kinghorn is to step down as chief executive of the Pension Protection Fund (PPF) in the spring to “redress her work-life balance”.
She resigns less than a year after the PPF started in April 2005. It was set up under the provisions of the Pensions Act 2004 to provide security for employees whose pension schemes are inadequately funded.
PPF compensation payments are funded partly by the assets transferred from schemes for which the PPF has assumed responsibility, and partly by an annual levy raised on eligible pension schemes. The levy from funds that the PPF has taken on presently stands at £575m.
Kinghorn, who took the post 18 months ago, said the PPF had put in place a robust and effective operational framework that would give thousands of UK pension scheme members security in retirement.
“Now that the infrastructure and processes are in place, and we have completed the first year of operation, I feel that after almost two years of involvement the time is right for me to step down and hand over the reins to someone who can build on our successes to date,” she said.
“This will allow me to redress my work life balance and return to my former part-time non-executive career.”
PPF chairman, Lawrence Churchill, praised Kinghorn’s experience and dedication in creating solid foundations for the fund to build on.