UK - The National Association of Pension Funds (NAPF) has expressed disappointment over the departure of the Pension Protection Fund's CEO Partha Dasgupta, but said it hopes more can be achieved before he leaves in June.
Speaking to Global Pensions, Dasgupta said: "The PPF has been a fantastic experience, the last four years have been the best of my working life, but I'm looking ahead to new challenges and something different.
"It's important to me that there's a good handover, we've worked very hard to build the PPF into what is it today. Some 15 schemes are due to transfer into the PPF this month alone."
Established in April 2005 under the terms of the Pensions Act 2004, the PPF has grown to have assets in excess of £1.7bn (US$3.1bn), providing with a target of £15bn by 2012.
Dasgupta said: "The PPF has been going for four years and it's a pioneering model. There's nothing quite like it in the entire world. We've had some great challenges - the risk based-levy is a world's first."
The PPF has been no stranger to controversy. Over the summer, the industry reacted with almost unanimous negativity to the rise in the risk based levy scaling factor, which Dasgupta defended at the time (www.globalpensions.com; 2 June 2008).
He commented: "In terms of regrets, I always look forwards not backwards. I'm proud of the relations we've built with our stakeholders. We might not have got things right all the time, but people have always given us the benefit of the doubt."
Segars added: "We will be very sorry to see Partha leave the PPF. We have valued his hard work and open approach to working with the NAPF. Under Partha's leadership, the PPF has listened and acted upon many of the industry's concerns."
Dasgupta said he hadn't given much thought as to his future plans, as there was still a year to go, but didn't rule out staying with the public sector.
He said: "What I'm most proud of is the fact that we've delivered social justice and retirement security to over 140,000 people so far and we know that will make a real difference to the quality of peoples' lives. You can't put a price on something like that."
Dasgupta has been with the PPF for four and a half years, having joined in early 2005 as director of investment and finance. He was appointed chief executive in June the following year.
Lawrence Churchill, chairman of the PPF, said: "Partha has made an outstanding contribution to establishing and developing the Pension Protection Fund to the strong position it commands today."
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