17.01.2024
The Pension Protection Fund (PPF) has announced the appointment of Simon Gadd and Sonia Gogna to its Board as non-executive directors from 1 September.
PPF Chair, Kate Jones said: “I’m delighted that Simon and Sonia have joined the PPF Board, and we welcome their extensive financial services, investment and risk expertise at this time. This is an important juncture for the PPF with the appointment earlier this year of our new CEO, Michelle Ostermann and our work to create our next Strategic Plan which will set out our vision and priorities for the next phase of our growth. At the same time working closely with government to ensure we continue to deliver for our members and levy payers; while looking to the future and ways we can support the wider UK economy.”
“Simon brings over 35 years executive and non-executive financial services experience gained through a variety of leadership roles at L&G, with a particular focus on risk management. While Sonia’s extensive financial, actuarial, pensions and investment experience from her executive career at abrdn and Aon, amongst other organisations, brings a strong actuarial and regulatory focus.”
Simon Gadd commented: “I have long been aware of the PPF and its vital role in protecting the members of eligible DB pension schemes, and I look forward to contributing to its future development and growth as we work to deliver for those who rely on us.”
Sonia Gogna added: “I’m pleased to be joining the PPF Board at this time, when the organisation is facing new challenges, with opportunities to build upon its current success and play an increasingly important role in the UK pensions system. I’m delighted to be able to contribute my expertise and interests to the Board to help secure the continued success of the PPF.”
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Notes to editors
About the PPF
The Pension Protection Fund (PPF) is a public corporation, set up by the Pensions Act 2004, and has been protecting members of eligible defined benefit (DB) pension schemes across the UK since 2005. The PPF is run by an independent Board and accountable to Parliament through the Secretary of State for the Department for Work and Pensions. It protects close to 9 million members belonging to more than 5,000 pension schemes. If an employer collapses and its DB pension scheme cannot pay members what they were promised, the PPF pays compensation for their lost pensions. The PPF is funded by a levy charged to eligible schemes, the return on its investments, assets from pension schemes transferred into the PPF, and recoveries from insolvent employers.
The PPF is one of the UK’s largest asset owners with over £32 billion of assets under management. Separate and additionally to the PPF, it also administers the Fraud Compensation Fund (FCF), and the government’s Financial Assistance Scheme (FAS). It looks after nearly 440,000 members across PPF and FAS.
For further press information contact:
PPF Press Office
020 8406 2107
[email protected]
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