The chair of National Employment Savings Trust (Nest) is to join one of the UK’s largest final salary pension schemes.
Otto Thoresen (pictured) will become chair of trustees at telecommunications giant BT’s pension scheme in February.
The BT Pension Scheme (BTPS) manages £51bn of assets for 292,000 members.
Thoresen replaces Paul Spencer, who is stepping down after seven years in the role.
The appointment comes little more than a month after Now Pensions founder Morten Nilsson was named as the scheme’s chief executive.
Thoresen brings 35 years of insurance and pensions experience to the role. Alongside his position at government-backed occupational pensions provider Nest, he chairs both Aberdeen Asset Management Life & Pensions and Aviva’s reinsurance business.
His previous roles have included director general of the Association of British Insurers and Aegon UK, where he was chief executive.
During his time at Aegon, Thoresen was picked by the government to lead a review of the generic financial advisory market in the UK.
He joins BTPS after an eventful year for the scheme. It decided to close to new members in March, two months before the sponsor agreed to pump billions of pounds into the scheme to reduce its growing deficit.