Alan Rubenstein was named CEO of a newly formed multiemployer plan for U.K. defined benefit funds, the Pension SuperFund, a spokeswoman said.
Also, Luke Webster, chief investment officer at the Greater London Authority, was named CIO.
Mr. Rubenstein left the £23.4 billion ($32.6 billion) U.K. lifeboat fund, the Pension Protection Fund, in January. He was replaced by Andy McKinnon, who took over as acting CEO.
The Pension SuperFund intends to consolidate the assets and liabilities of U.K. corporate plans into one occupational pension plan to achieve cost savings and scale. It is targeting £20 billion worth of assets, Mr. Rubenstein said in a telephone interview.
"The benefits of consolidation are well documented, both in the U.K. and overseas. We know that many businesses are constrained by their pension liabilities and need to find a more affordable way to fulfill their promises to pension scheme members," Mr. Rubenstein said in a news release.
Mr. Rubenstein added: "We are already in discussion with several pension funds and their sponsoring employers, as well as the professional advisers that support them."
According to a U.K. government white paper published Monday, consolidation of corporate pension plans could lead to reduced costs per participant through more effective and efficient investment strategies and improved governance.
The Pension SuperFund was seeded by Warburg Pincus and Disruptive Capital Finance with an initial £500 million investment. It still needs clearance from The Pensions Regulator.