30 November 2004 - Alan Johnson appoints five non-executive directors for the board of the Pension Protection Fund
Alan Johnson, Secretary of State for Work and Pensions, announced today the appointment of five Non-Executive Directors for the Pension Protection Fund Board.
Legislation setting up the Fund was passed by Parliament earlier this month. The Fund will provide extra protection for over 10 million workers in final salary pension schemes, and ensure that they will get a decent pension even if their employer goes bust. This is a huge step forward in building security in pensions.
The Non Executive Directors will provide independent support and challenge to ensure the Pension Protection Fund achieves its objectives.
The five appointments are confirmed as follows:
Ian Abrams – an Actuary, a Non Executive Director of Mizuho International plc and a member of the Financial Services and Markets Tribunal.
Mark Baker, CBE – formerly the Chair of Magnox Electric.
Michael Deakin – an Actuary and formerly the Chief Investment Officer of Insight Investment, the investment management arm of HBOS.
Jeannie Drake – an experienced trade union member of the General Council of the TUC and a Pensions Commissioner.
Christopher Hughes – a senior corporate lawyer and former Managing Partner at Wragge and Co.
Mr Johnson said:
“I am delighted to welcome these new appointments to the first Board of the Pension Protection Fund. They bring with them a wide range of skills and a high level of experience and expertise which will support our desire to significantly improve both protection for pension scheme members and confidence in pensions in general.”
Chair of the Pension Protection Fund, Lawrence Churchill, said:
”I am absolutely delighted that the Pension Protection Fund has attracted such high calibre individuals to oversee this landmark development in the pensions industry.”
Notes for editors
- The biographies of the five non-executive directors are:
Ian Abrams
Since April 2003, Ian Abrams has been a Non Executive Director of Mizuho International plc, Chairman of Theta Enhanced Asset Management Ltd and a member of the Financial Services and Markets Tribunal. Prior to this Ian was Managing Director of Mizuho International plc where he was responsible for all activities in Debt and Equity Markets, Derivates and Treasury.
Ian was educated at the London School of Economics, London University and he is a qualified actuary. He is 54 years old and married with three children.
Mark Baker, CBE
Mark Baker has been Chairman of Electricity Pensions Ltd since 1996 and has been actively involved with the management and evolution of the Electricity Supply Pension Scheme since 1989. He is also Deputy Independent Chairman of the Police Negotiating Board and is a member of the Senior Salaries Review Body.
Mark was educated at Christ Church, Oxford. He is 64 years old and is married with 2 children.
Michael Deakin
Since October 2003 Michael Deakin, an actuary, has been Director and founder of Michael Deakin Consultancy Limited. He was also appointed as a Non Executive Director of Manifest Information Services Ltd in April 2004. Prior to this Michael was Chief Investment Officer and an Executive Director of Insight Investment (formerly Clerical Medical Investment Group) where he controlled over £65 billion of assets and managed and built a team of 150 investment professionals covering equity, fixed income and property fund management.
Michael was educated at Bristol University. He is 51 years old and is married with an adult daughter and son.
Jeannie Drake
Since 1995, Jeannie Drake has been a Deputy General Secretary of the Communications Workers Union. Prior to this, she was Deputy General Secretary of the National Communication Union. Jeannie’s current portfolio career includes membership of the OPRA Board, Sectors Skills Development Agency, the Equal opportunities Commission, the Pensions Commission and membership of an Employment Appeal Tribunal. She is currently President of the TUC.
Jeannie was educated at Brunel University and the London School of Economics.
Christopher Hughes
Christopher is a Partner in the Solicitors' practice of Wragge & Co LLP, of which he was formerly the Managing Partner. Christopher has also been a Board member of Severn Trent Water Authority and the Chairman of Newman Tonks Group plc, a manufacturer and distributor of industrial and domestic hardware.
Christopher was educated at University College, London. He is 63 years old and is married with three children.
- The Pension Protection Fund forms part of the Pensions Act which was given Royal Assent on November 18th 2004.
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