The Pension Protection Fund (PPF) announces today the departure of Oliver Morley, Chief Executive, who will be leaving in December 2023 to take up a new role as the Chief Executive of The Money and Pensions Service (MaPS).
The PPF exists to protect the futures of nearly 10 million people throughout the UK who belong to eligible defined benefit pension schemes, managing £32.5billion in assets.
Oliver joined the PPF in 2018 to spearhead the business and digital transformation of the organisation and has overseen significant change and progress during his tenure. With nearly two years of the current three year Strategic Plan already delivered one of the key priorities for the new CEO will be to shape the 2025-28 Strategic Plan.
Kate Jones, Chair of the PPF, said “We are extremely grateful to Oliver for his significant contribution over the last five years, leading the organisation through some challenging market situations and the Covid pandemic, and wish him every success for the future. He leaves us stronger and more robust, with a clear strategy and an executive team able to lead the organisation to deliver for those who rely on us, while also looking to the future and fresh challenges. I expect to appoint an Interim CEO in due course, and am confident in a seamless transition as we now commence the search for the right leader for the next phase of the PPF’s evolution.”
Oliver Morley commented, “The PPF is an exceptional organisation providing security and peace of mind to close to 10 million people across the UK and I am proud of what the team has achieved during my 5 years protecting our members, delivering for our levy payers, growing our reserves to provide real security and putting sustainability at the heart of our work. It has been a privilege to play a part in the evolution of the organisation and I will watch with interest its continuing role as an important part of the UK pensions industry.”
Minister for Pensions, Laura Trott, said “I warmly welcome Oliver to the Money and Pensions Service.
“I look forward to continuing our close collaboration and ensuring the record number of people saving for retirement in this country have access to the support and information they need to make informed choices about their financial futures.”
The Pension Protection Fund (PPF) is a public corporation, set up by the Pensions Act 2004, and has been protecting members of eligible defined benefit (DB) pension schemes across the UK since 2005. The PPF is run by an independent Board and accountable to Parliament through the Secretary of State for the Department for Work and Pensions. It protects close to 10 million members belonging to more than 5,100 pension schemes. If an employer collapses and its DB pension scheme cannot pay members what they were promised, the PPF pays compensation for their lost pensions. The PPF is funded by a levy charged to eligible schemes, the return on its investments, assets from pension schemes transferred into the PPF and recoveries from insolvent employers.
The PPF is one of the UK’s largest asset owners with £32.5 billion of assets under management. It also administers the Fraud Compensation Fund (FCF) and the Government’s Financial Assistance Scheme (FAS), and across both the PPF and FAS looks after nearly 440,000 members.
For further press information contact:
PPF Press Office
020 8406 2107
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