The United Kingdom has a new pensions sheriff in town whose aim is to thwart the underfunding of pension plans.
Lawrence Churchill, newly inducted chairman of the Pension Protection Fund, said his first order of business is to gather a posse of non-executives and directors who'll comprise the PPF board to start working on critical issues like setting an appropriate investment strategy for insurance premiums. The PPF will look to develop adequate data to look at the probability of the best asset mix in autumn, said Mr. Churchill.
Meanwhile, he plans to engage the "townspeople" — company employers and employee representatives, organizations like the Confederation of British Industry and the Association of British Insurers, and consultants — to listen to their concerns and criticisms.
Mr. Churchill's aim is also to ensure that the foundation on which the PPF is grounded is fully understood. Its success largely hinges on the support of all involved parties, especially employers, which are "paying the bill, "so accessibility is the key, he said.