The board of the Pension Protection Fund (PPF) has confirmed that Myra Kinghorn will step down as chief executive this spring, less than a year since the fund came into operation.
The timing of the announcement has come as something of a surprise given that the PPF is currently engaged in negotiations with big employers over their contributions to the fund.
The PPF is expected to propose a controversial risk-based levy to determine the level of contributions from employers, a scheme that is expected to provoke some serious contention.
Commenting on the move Myra Kinghorn said, Now that the infrastructure and processes are in place, and we have completed the first year of operation, I feel that after almost two years of involvement the time is right for me to step down and hand over the reins to someone who can build on our successes to date. This will allow me to redress my work life balance and return to my former part time non-executive career.
A replacement is yet to be named.