Pension Protection Fund (PPF) chief financial officer Andy McKinnon is stepping down from his role after seven years.
The lifeboat fund's reserves have fallen by £0.6bn but investment performance weathered significant market volatility, increasing assets under management by £2bn.
Significant risk remains in the Pension Protection Fund's (PPF) universe, despite higher funding levels, the lifeboat says as it launches its 2018 Purple Book.
The Pension Protection Fund has seen its funding level improve by 1.2 percentage points, after enjoying above target returns in a year when it took on pension schemes of big corporates like Carillion.
The UK arm of Toys R Us has entered administration just two months after a major restructuring deal was agreed with creditors including the Pension Protection Fund (PPF) to prevent the company going bust.
Just 12% of private sector defined benefit (DB) schemes remain open to new members, according to the Pension Protection Fund (PPF).