Liz Airey has been appointed non-executive chairwoman of the Rolls-Royce UK Pension Fund, as Paul Spencer is set to retire at the end of December after nine years.
Upon replacing Spencer, Airey will continue as chairwoman of the Jupiter pension scheme, a role she has held since 2010.
The firm's head of pensions Joel Griffin praised Spencer's "incredible contribution" since becoming chairman in 2008.
Griffin added: "He leaves the Rolls-Royce UK Pension Fund in an exceptionally strong position, well-placed to continue to protect more than 80,000 Rolls-Royce employees and pensioners who rely upon our fund throughout their retirement."
Spencer took up the post of chairman at a time when the Rolls-Royce Pension Fund had assets of £4.5bn, but a £500m funding deficit.
The trustees had approved a change in investment strategy from equities and bonds split 70/30% to a strategy focused on liability matching instruments together with return seeking investment, split 75/25%.
By the end of September 2017, the firm's pension fund had assets of over £13bn and estimated to have a surplus in excess of £1bn measured on the trustee's ongoing funding basis.
Airey commented: "I am very excited to be joining the Rolls-Royce trustee board and would like to pay tribute to Paul on the terrific job he has done and the strong legacy that he leaves for members."
She was the non-executive director of Tate & Lyle from 2007, for ten years, where she served as senior independent director and chairwoman of its audit committee.
Before that, she was chairwoman of the Unilever UK Pension Fund from 2008 to 2014, JP Morgan European Smaller Companies Trust chairwoman from 2006 to 2011, and non-executive chairwoman of Zetex from 2003 to 2007.
In 1999, she was appointed non-executive director of AMEC, where she served as senior independent director from 2004 to 2009.
Prior to that, she was finance director of Monument Oil and Gas, and held the post from 1990 until the sale of the company to Lasmo in 1999.
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