Industry veteran Otto Thoresen, whose more than 35 years of experience includes time spent as director general of the Association of British Insurers, now has another role to add to his list of credentials.
Effective February 15 next year, Thoresen will serve as chair and trustee director of the BT Pension Scheme (BTPS) – one of the largest company pension schemes in the UK, with assets under management of around £51 billion and approximately 292,000 members.
“We are delighted that Otto Thoresen is taking on the chairmanship of the BT Pension Scheme,” commented British Telecommunications Plc (BT) chair Jan du Plessis. “He brings a wealth of pensions, business, and financial experience to the role, alongside his considerable board chairmanship skills.”
The former Aegon UK chief executive previously chaired the likes of Aviva International Insurance and Aberdeen Asset Management Life & Pensions. Thoresen is currently chair of the country’s National Employment Savings Trust.
“I am delighted to be taking on this role,” said the successor of Paul Spencer CBE. “Looking after the long term interests of over 290,000 scheme members, and their dependants, is a very important duty.”
Spencer is stepping down after more than nine years as trustee director and over seven years as chair of BTPS.
“I would also like to thank Paul Spencer who has shown great dedication to the scheme and its members,” added du Plessis. “He has presided over a strong investment performance and reduced risk during a period of considerable economic and regulatory change.”
