The Pension Protection Fund (PPF) has appointed Peter Walker as its chief operating officer.
Walker joined the PPF last year as interim, and his role has now been made permanent. A chartered accountant, Walker’s career has seen him in a wide range of senior roles in the global banking and finance industry.
He said: “The PPF has come a long way since it was set up in 2005 but we now face a host of new challenges. Among them, we need to grow as an independent financial institution and build confidence in the pension system. And, most importantly, we will be paying out compensation to thousands more scheme members.”
The PPF was set up to pay compensation to members of defined benefit pension schemes that went bust.
Chief executive Partha Dasgupta said: “Peter brings to the role a wealth of financial experience and expertise.”
Chancellor Gordon Brown promised an extra £6bn in the Budget to help tens of thousands of people who lost their pensions because of company insolvency. The scheme originally received £2bn from the government.