UK - The Pensions Trust, the £3.6bn (€5.3bn) multi-employer occupational pension funds for the charity sector, has named Stephen Nichols to take over from retiring chief executive Richard Stroud.

Nichols joined as deputy CEO in 2002 after a career at Express Dairies, Burmah Castrol and Lane Clark & Peacock.

Stroud has decided to retire after more than 25 years - though he will continue to support the Trust on a consultancy basis for the next three years.

"Stephen's appointment follows a rigorous selection process during which he was up against very tough competition," said Pensions Trust chair John Alleston.

"There are some big challenges ahead for the Trust in the changing world of pensions. I and all the Board, look forward to working with Stephen to turn these into opportunities for the benefit of all our members and employers."

Stroud is an associate of the Pensions Management Institute.

The Trust was established in 1946, and now has more than 160 staff serving over 4,000 employers.

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