The Work and Pensions Committee has endorsed Anthony Arter for the role. Mr Arter is a consultant at Eversheds LLP. He was head of Evershed's Pension Group and London senior partner until April 2014 when he retired.
He was assessed this week, with MPs examining his independence and expertise, and his ability to withstand public and parliamentary scrutiny.
Tony King, the current ombudsman, will stand down from his post in late spring.
Dame Anne Begg MP, Work and Pensions Committee chair, said: "It is important that the public has confidence in pensions, as retirement saving grows. A key element in building confidence is having a robust and proactive Ombudsman in post. We are very pleased that Anthony Arter has been appointed to this post and wish him well in carrying out his duties."
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Pensions Minister Steve Webb said: "Anthony brings with him considerable knowledge of pensions, legal matters and a wealth and richness of experience in community relationships.
"I also want to restate my thanks to Tony King. During his tenure, he successfully transformed the Pensions Ombudsman – improving its customer service and modernising the organisation to meet new challenges."
Deputy Ombudsman Jane Irvine's second term ends next autumn.
Mr Webb said: "I also want to thank Jane for the hard work she has put into the Deputy Ombudsman role, and in particular for her flexibility towards her workload which greatly helped the office deliver on its targets. I wish both of them well for the future."