Ruston Smith was named the next chairman of the U.K.'s National Association of Pension Funds, spokesman Paul Platt said.
Mr. Smith will replace Mark Hyde Harrison, who completes his two-year term in October. Mr. Smith will continue as group pensions and insurable risk director at Tesco PLC in addition to his responsibilities as chairman of the NAPF. Tesco has about £7 billion ($10.9 billion) in U.K. pension assets, managed by Tesco Pension Investment, an internal money manager launched last year.
“Over the next few years, auto enrollment will bring millions of people into pensions, and the NAPF will be working hard to ensure the reforms are a success,” Mr. Smith said in a news release. “Good governance and sensible regulation, which protect savers and focus on maximizing retirement income, are vital to build confidence in pension saving.”
The NAPF represents about 1,300 U.K. pension funds with aggregate assets of £900 billion.
