Trustees need to "tell the truth" about the value of their contingent assets, the Pension Protection Fund chairman says.
The Pension Protection Fund has appointed chief financial officer Andy McKinnon as an executive director to its board.
The Pension Protection Fund has seen its surplus rise to more than £1bn after achieving investment returns in excess of 25% in the year to March 2012.
The Pension Protection Fund has published its annual report - revealing a surplus of £678m at 31 March.