Lawrence Churchill was named chairman of the National Employment Savings Trust Corp., London, a new U.K. defined contribution plan aimed at workers currently not enrolled on any occupational pension plans, according to a news release from the government's work and pensions department.
An estimated 3 million to 6 million people will be automatically enrolled after NEST begins in 2012. The NEST plan will collect 4% from employees, 3% from employers and 1% from the government in the form of tax relief. The rules of the initiative also apply to existing employer-sponsored DC pension plans.
Mr. Churchill is chairman of the U.K.'s Pension Protection Fund, with about £3.3 billion ($5.3 billion) in assets. He will join NEST on Feb. 1 as chair-designate and become chairman on July 5, according to the release.
Mr. Churchill will retain his role at the PPF until June 30. The U.K. Department for Work and Pensions is searching for a permanent replacement.