The Pension Protection Fund, created as a part of the U.K. pensions bill and launched in mid-February, is searching for a chair and a chief executive. The fund is using London-based executive search firm Odgers Ray & Berndtson to fill the positions, said Stewart Todd, spokesman for the Department for Work and Pensions. Candidates for the chair position should have corporate governance experience and should display "leadership and inspiration," while the chief executive should have "drive and vision coupled with political sensitivity," according to an official advertisement. The fund, which will be the first U.K. compensation scheme to protect members of private sector defined benefit pension schemes, should be operating by April 2005, said Mr. Todd. It has not been decided where the fund will be based, he noted.