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Pension Insurance Corporation plc ('PIC'), a specialist insurer of defined benefit pension schemes, today announces that David Weymouth has been appointed Chairman of its Board, as well as Chairman of the Board of PIC’s parent company, Pension Insurance Corporation Group Limited ('PICG'). He will join the PIC and PICG Boards on 1 October and take up his roles as Chairman of each subsequently, subject to regulatory approval. David replaces Jon Aisbitt, who announced in January his intention to step down once a successor had been identified.
David has 45 years of experience across a number of sectors in financial services. During his executive career he served on the Group Executive Committees of Barclays and Royal Sun Alliance, as Chief Information Officer and Chief Risk Officer respectively. He has previously served as Senior Independent Director on the Board of the Royal London Mutual Insurance Society, chaired the Audit Committee at Bank of Ireland UK, and the Risk Committee at the Financial Services Compensation Scheme. He has served as Non-Executive Director ('NED') on boards in the public sector, the charitable sector, and in the US.
He is currently Chairman of OSB Group PLC, Mizuho International, and FIL Investment Services (UK) Limited. He is also a NED at Marsh Limited and FIL Holdings (UK) Limited. He has announced his intention to step down from his Board roles at Fidelity International prior to taking up his appointments at PIC.
David said: “I am very excited to have the opportunity to join a growing business with such a clear commitment to focus on and provide high levels of service to the many pensioners that make up PIC’s customer base. Providing structural solutions for the challenges faced by many defined benefit trustee boards has genuine and long term social value. Opportunities to join a business like PIC with committed owners, a strong board and a highly regarded management team are rare, and I look forward to supporting all of them in the next phase of the business’s development.”
Tracy Blackwell, CEO of PIC, said: “I am delighted that David has become Chairman of PICG and PIC. He has a terrific 45 year track record in financial services, holding senior executive and Non-Executive Director roles at significant companies. David’s experience will serve our business well as PIC continues to grow and we expand our presence across the UK.
“I also want to thank Jon Aisbitt for his strong leadership of our Boards and the considerable skill he has shown in guiding the evolution of our corporate governance structures and processes in line with the growth we have experienced during his tenure.”
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Notes to Editors:
1) The Pension Insurance Corporation Group includes Pension Insurance Corporation Group Limited, the group holding company; Pension Insurance Corporation plc (PIC), the Group’s regulated insurer; and Pension Services Corporation Ltd, the group’s service company.
For further information please contact:
Pension Insurance Corporation
Jeremy Apfel
+44 (0)20 7105 2140
ApellaAdvisors
Andrew Brown
+44 (0)7721 513777
About Pension Insurance Corporation
The purpose of PIC is to pay the pensions of its current and future policyholders. PIC provides secure and stable retirement incomes through leading customer service, comprehensive risk management and excellence in asset and liability management. At 31 December 2021, PIC had insured 282,900 pension scheme members and had £51.1 billion in financial investments, accumulated through the provision of tailored pension insurance buyouts and buy-ins to the trustees and sponsors of U.K. defined benefit pension schemes. Clients include FTSE 100 companies, multinationals, and the public sector. PIC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (FRN 454345). For further information please visit www.pensioncorporation.com
