Oliver Morley, CEO of the U.K. Pension Protection Fund, is leaving in December, the lifeboat fund for defined benefit pension funds said in a release Oct. 16.
Morley, who joined the PFF in 2018, will become CEO of The Money and Pensions Service. MaPS is sponsored by the Department for Work and Pensions and works with the U.K. government on policy matters relating to financial capability and debt advice.
PPF Chair Kate Jones said in the announcement that she expects to appoint an interim CEO while starting a search for a new chief executive.
The PPF manages £32.5 billion ($34.4 billion) in assets.