The Pension Protection Fund announces that Alan Rubenstein has informed the Board that he intends to step down as Chief Executive of the organisation in early 2018.
The PPF protects millions of people throughout the United Kingdom who belong to defined benefit pension schemes. During Alan Rubenstein’s eight-year tenure as Chief Executive, the PPF has grown from £2.9 billion of invested assets to over £30 billion today, while 235,000 members have transferred to the PPF.
Arnold Wagner, Chairman of the PPF, said “The Board is extremely grateful to Alan for his excellent leadership of the PPF over the last eight years and wish him every success in the next phase of his career. As a result of his achievements as Chief Executive, the PPF is in a strong position, well placed to continue to protect the millions of people in the UK who belong to defined benefit pension schemes. Our task now is to locate a successor to pilot the PPF through its next phase of development.
Alan Rubenstein said, ”After eight hugely enjoyable and successful years with the PPF, I have decided that the time is right to seek a fresh challenge. I’m enormously proud of the progress we have made during my time as Chief Executive. The PPF has grown from an organisation whose very survival was in doubt to one which is now a firmly established part of our national pensions fabric.
“Above all, between the Pension Protection Fund, and the Financial Assistance Scheme which we run for Government, almost half a million people are now better off thanks to the protection we provide.”
Notes to editors
The Pension Protection Fund protects 11 million people throughout the United Kingdom who belong to defined benefit pension schemes. If their employers go bust, and their pension schemes cannot afford to pay what they promised, the PPF will pay compensation for their lost pensions. Over a hundred thousand people now receive compensation from the PPF and hundreds of thousands more will do so in the future. The PPF is a public corporation, set up by the Pensions Act 2004, and is run by an independent Board.
The PPF has won many awards for its risk management, investment management and customer service, including being the first UK fund to win the prestigious IPE European Pension Fund of the Year Award and winning the inaugural Institute of Customer Service award for Best Customer Experience.
Alan Rubenstein joined the PPF in April 2009 as Chief Executive, following a career in Asset Management and Investment Banking, latterly as a Managing Director with Morgan Stanley and Lehman Brothers. He qualified as an actuary in 1984, while working for Scottish Widows. He is a non-executive Director of esure Group plc and is an investment advisor to the British Coal Staff Superannuation Scheme. He has also served on the Boards of Robeco Group NV, the Institute and Faculty of Actuaries and the National Association of Pension Funds and as a member of the Takeover Panel.
During Alan’s tenure, the PPF has won many awards for its risk management, investment strategy and, most recently, for the excellence of its customer service, including being the first UK fund to be named the IPE ‘European Pension Fund of the Year’. Alan was personally recognised by Financial News in their 20th Anniversary Awards for Excellence in European Finance for his outstanding contribution to pension scheme finance over the last 20 years.
For further press information contact:
The PPF Press Office
020 7566 9775