The director general of the Association of British Insurers will leave his role to head up the National Employment Savings Trust, lured by the prospect of playing a role in the pensions revolution.

Otto Thoresen will move to the new position in February, the ABI said today. Huw Evans will be his successor.

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Mr Thoresen said: "While it will be a personal wrench to leave the organisation, the opportunity to Chair the trustee board of NEST at a key stage in the delivery of pension reform was an opportunity I couldn't pass by.
"The role also gives me the scope to develop some of my other interests, in the third sector and elsewhere."
He added: "It has been a privilege to lead the ABI during a critical point in its evolution."
Mr Evans said: "In the current environment of high levels of regulatory and legislative change across the insurance sector, the need for an effective trade body is greater than ever - there is huge value to be gained from collaborative efforts on key policy issues.
"My experience of working with ABI members on issues as varied as Flood Re, pension reform and the ageing society has shown me the power and potential of what we can achieve as an industry when we work together.
"Otto and I have worked very closely over the last few years and I am looking forward to accelerating the momentum we have established".
ABI chairman, Paul Evans, said: "On behalf of the ABI Board, I would like to take this opportunity to thank Otto for his dedication, resolve and for all that he has achieved for the ABI and its members over the last four years.
"His appointment by the Department of Work and Pensions to the chairmanship of NEST is a wonderful testament to Otto's high standing across both industry and Government."

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