(March 21, 2014) — The largest pension fund in the UK’s not-for-profit sector has lost its CEO.
The Pensions Trust announced today that Steve Nichols, who joined the fund in 2002, has resigned with immediate effect. He had been CEO since 2007.
Nichols said the decision had been difficult, but ultimately the right one and wished the Pensions Trust well in the future.
Sarah Smart, chair of the trust, told aiCIO that although the move had not been expected the Pensions Trust was in “a good place in all respects”.
The multi-employer fund has defined benefit assets of more the £5.5 billion and launched a defined contribution (DC) platform in 2010. This platform has been taken up by more than 1,000 employers, has more than 60,000 members, and assets have grown to £300,000.
“We are appointing an interim CEO,” said Smart, “but we are looking to appoint a permanent successor, who is likely to be an external candidate.”
The trust has been investigating options for collective DC funds and how to facilitate collective drawdown options for members once they reach retirement age.
Following announcements by the UK Chancellor of the Exchequer this week that, amongst many other changes, removed the necessity for DC members to automatically buy an annuity at retirement, Smart said the trust had an interesting and challenging time ahead.
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