Government makes savings on latest board appointment for Premium Bond operator
The government has appointed the new chief executive of National Savings & Investments (NS&I), the firm that looks after over £135bn of Treasury-backed savings.
Ian Ackerley takes over from interim boss Steve Owen, who babysat the position after Jane Platt left last August following 10 years in the role. Platt moved on to concentrate on her position as a non-exec on the board of the Financial Conduct Authority.
Read more: 60 years on: Premium Bonds are alive and kicking
NS&I will make a saving on the appointment as Ackerley will be paid around £185,000 per annum, compared with Platt's pay of up to £200,000.
Ackerley said:
Like many people across the UK, I grew up with NS&I: my first savings were in Premium Bonds, which were bought for me as a child. It is a brand I have long admired.
Read more: Two lucky people just won £1m on Premium Bonds
Ackerley previously ran Barclays retail investment business and has over 20 years in the UK financial services sector.
“Ian Ackerley’s extensive experience in retail financial services and effective leadership skills make him the ideal candidate to be the next chief executive of NS&I," said economic secretary Simon Kirby.
But he won't be the only new face on the NS&I board after the government appointed Ed Anderson, who chaired the board of Yorkshire Building Society between 2008 and 2015, as chairman in January.
Premium bonds have come under attack from consumer champions after odds were cut. Nevertheless, their tax-free status means any payouts winners do receive could be more than the return on current accounts.