The Pension Protection Fund (PPF) is a public corporation, established by the Pensions Act 2004, whose duty is to protect people with a defined benefit pension when an employer becomes insolvent. It manages £38bn of assets for its 288,000 current members, while protecting the futures of a further 9.7m scheme members in the 5220 DB schemes it covers. 

The PPF’s current Strategic Plan, now in its final phase, is on track to deliver new standards for innovation, assurance and service by focusing on five strategic priorities: to achieve sustainable funding in volatile times, innovate, deliver brilliant service for its members and schemes, develop a culture which represents the best of both the financial service and public sectors, and to deliver clear value for money. The Board and Executive are currently finalising the details of the next Strategic Plan to build on this work over the next three years, 2022-2025, which will include a focus on the evolution of its funding and digital strategies.

The PPF's primary function is to provide compensation to members of eligible defined benefit pension schemes, when there is a qualifying insolvency event in relation to the employer, and where there are insufficient assets in the pension scheme to cover PPF levels of compensation. It also administers the taxpayer-funded Financial Assistance Scheme (FAS) on behalf of the Department for Work & Pensions. FAS offers help to 146,000 members of an under-funded defined benefit scheme that failed in a period before the PPF came into being. The PPF also manages the Fraud Compensation Fund (FCF), funded through a separate levy, to compensate members of eligible work-based pension schemes whose employer is insolvent where the scheme has lost out financially as a result of dishonesty. This is a separate fund from the PPF.

The PPF is funded in four ways; by a levy charged to all schemes eligible for its protection, the return on its investments, assets from pension schemes transferred into the PPF and recoveries from insolvent employers, and currently has reserves of £9bn.

It is a diverse and forward-looking organisation with a strong values-led culture which works closely with other pension, financial services and regulatory bodies to deliver the best outcomes through robust governance, responsible and sustainable investment, clear risk management, and a constant quest to improve and drive change. The PPF team are proud of the difference they make to the lives of those who rely on its protection, and with member payments exceeding £1bn for the first time in 2020 / 21 its impact is clear.

The Non-Executive Director provides an independent voice overseeing the governance and strategy of the Pension Protection Fund and is expected to play an active role in ensuring that the PPF operates effectively and efficiently. Key duties of Non-Executive Directors include:

• Contributing to the Board discussion and decision-making process. Bringing an alternative perspective and relevant insight
• Using skills and experience to inform thinking on a range of issues including the strategic plan, financial management and oversight of critical processes and projects
• Attending and contributing to committees where decision-making is delegated from the Board
• Mentoring leaders within the organisation, offering support and challenge

It is expected that the successful candidate will join the Risk and Audit Committee.

Board members are also expected to work in line with the seven principles of public life, which can be found here.

Non-Executive Director (Digital)

The PPF is looking for someone with experience of leading a digital and / or technology transformation in a complex organisation, not necessarily in a pension or financial services setting. What matters is a passion for digital innovation with demonstrable experience of creating a digital strategy and harnessing the power of new technology to improve ways of working and organisational effectiveness, while enhancing the digital experience of all those who come into contact with the organisation. Candidates will need a proven track record of driving concrete improvements to stakeholder satisfaction and successful transformation programmes.

Candidates will also be able to demonstrate experience of considering and responding to cyber security threats. Preference will be given to those candidates who also have experience of supporting and challenging executives through complex digital / technology programmes and an understanding of the public sector.

Candidates should have prior Non-Executive Director experience.

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Non-Executive Director (Risk / Actuarial)

The PPF is looking for someone with experience as a senior risk leader within a regulated financial services environment. The PPF's mandate means that its investment strategy is necessarily long term, therefore candidates bringing experience working within a business whose investment ethos is demonstrably focused on long-term value creation over short-term profit will be prioritised.

Within this context, this candidate will bring either of the below experiences:

Risk management experience: Candidates will be able to demonstrate experience of operational and strategic risk management. Ideally, candidates will have a strong understanding of approaches to funding liabilities and experience of fulfilling a Chief Risk Officer (SMF 4) function.

Actuarial experience: Candidates will be a qualified actuary with experience in the insurance / pensions sector. They will also have a strong understanding of approaches to funding liabilities.

Candidates should have prior Non-Executive Director experience.

The Non-Executive Director will be entitled to an annual remuneration of £18,000 per annum. There is no bonus or pension entitlement. Reasonable travel expenses can be paid in line with the PPF’s policies. There is no entitlement to annual leave, public and privilege holidays or pension scheme. The expected time commitment is around 26 days per year for Board meetings, additional Committee meetings and meeting preparation. The appointment is for a three-year term, which can be renewed up to a maximum of six years.