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Member, Beacon International Group, Ltd.
LONDON--Alan Johnson, the United Kingdom's secretary of state for Work and Pensions, has appointed five nonexecutive directors to the board of the new Pension Protection Fund.
The PPF, which is slated for introduction next year and will be modeled loosely on the U.S. Pension Benefit Guaranty Corp., will provide assistance to members of defined benefit pension plans that become insolvent.
The five nonexecutive directors are: Ian Abrams, nonexecutive director of London-based securities and investment banking firm Mizuho International P.L.C.; Mark Baker, chairman of the electricity suppliers' pension fund, Electricity Pensions Ltd.; Michael Deakin, an actuary and consultant; Jeannie Drake, deputy general secretary of the London-based Communications Workers Union; and Christopher Hughes, a partner at the Birmingham-based law firm of Wragge & Co.