BT pension scheme appoints Paul Spencer chairman

BT has appointed Paul Spencer chairman of the trustee of the BT pension scheme (BTPS).

Spencer will succeed Rod Kent who steps down after three years. He will take up the role on 1 March 2011.

BTPS has assets under management of around £35 billion and has 330,000 scheme members.

Spencer has been a trustee director of the BTPS since 2009 and is a member of its audit committee. He is also currently chairman for British Airways’ pensions schemes, independent trustee and chairman of investments for the British American Tobacco pension fund, and chairman of trustees and of the investment committee for Rolls-Royce’s pension fund.

Sir Mike Rake, chairman of BT, said: “We are delighted Paul Spencer is taking on the chairmanship of the BT pension scheme.

“He brings an exceptional wealth of pensions, business and financial experience to the role, alongside his considerable board chairmanship skills.

“I would also like to thank Rod Kent who has shown great dedication to the scheme and its members. He has presided over a strong investment performance during a period of considerable economic and regulatory change.”

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