The Pension Protection Fund has recruited a new chief executive to succeed Alan Rubenstein, who is to step down in 2018 after nine years in charge of the £30bn-plus UK lifeboat for bankrupt company pension schemes.

Rubenstein, who has led the PPF since 2009, said in July he would be stepping down early next year, and today the organisation named his replacement as Oliver Morley, a former Thomson Reuters executive who has been chief executive of the UK's Driver and Vehicle Licensing Agency since November 2013.