The Minister for Pensions has officially announced the appointment of Luke Jensen as the new Chair of the National Savings and Investments (NS&I) Board, following a transparent selection process conducted by HM Treasury. This appointment took effect on 2 November 2026, marking the beginning of a three-year term for Jensen.
Jensen has been a member of the NS&I Board since 1 April 2024 and previously served as the Interim Chair after Lord Gerard Lemos CMG CBE stepped down in July 2025 to take up a position within the Whip’s Office in the House of Lords. With extensive experience in both executive and non-executive roles across various retail and consumer sectors, Jensen is well-equipped for his new responsibilities. He currently holds the position of non-executive director at the Co-operative Group and serves as a Senior Advisor to the Board at Eat Happy Hana Group.
Strengthening Leadership at NS&I
The Minister for Pensions expressed enthusiasm regarding Jensen’s appointment, highlighting its significance for enhancing the leadership and governance of NS&I. The Minister stated, “I am pleased to appoint Luke Jensen as Chair of the NS&I Board, strengthening the organisation’s leadership and oversight. Luke will continue to support NS&I in providing cost-effective finance for the Government, progressing its remediation scheme following its recent bereavement claims issue, and driving forward its transformation programme.”
Sir Jim Harra, the Interim Chief Executive of NS&I, also welcomed Jensen’s new role, emphasising his capability to maintain NS&I’s status as a crucial source of funding for the government while playing an essential role in the UK savings market. Harra remarked, “I welcome Luke Jensen’s appointment as NS&I’s new Chair. He has the experience and leadership to ensure that NS&I remains a vital source of government funding and a key part of the UK savings market.”
Regulatory Compliance and Strategic Oversight
Jensen’s appointment adhered to the guidelines set forth by the Office of the Commissioner for Public Appointments (OCPA), ensuring that the process was conducted fairly and openly, in line with the Cabinet Office’s Governance Code on Public Appointments. As part of this code, any political activities carried out by an appointee within the past five years must be disclosed. Jensen has confirmed that he has not engaged in any political activities.
The non-executive members of NS&I’s Board play a crucial role in establishing sound strategies to fulfil the organisation’s mandate of raising cost-effective debt financing for the government. They provide external advice, oversee risk management, and ensure that NS&I maintains open and transparent relationships with its outsourcing partners.
NS&I’s Role in the UK Savings Landscape
As one of the largest savings organisations in the UK, NS&I offers a diverse array of savings and investment products, all of which are backed by HM Treasury, ensuring 100% security for customers. This strong backing underscores NS&I’s commitment to providing reliable and effective savings solutions for the public, further solidifying its position in the UK savings market.