Extension of Interim Chair Appointment
The Minister for Pensions has today announced the extension of Luke Jensen’s term as Interim Chair of the Board of National Savings and Investments (NS&I). This decision comes as the search for a permanent Chair continues, ensuring that leadership remains stable during this transitional period.
Luke Jensen has been fulfilling the role of Interim Chair since 1 September 2025 and will now continue in this capacity for an additional two months, from 1 September to 31 October 2026. Meanwhile, HM Treasury has initiated the process to select a permanent Chair for the NS&I Board.
Exceptional Appointment Process
This extension of Jensen’s interim role has been classified as an exceptional appointment, made without a competitive process, following consultations with the Commissioner for Public Appointments. This action aligns with the Cabinet Office’s Governance Code on Public Appointments, which stipulates that such decisions can be made under specific circumstances.
According to the Governance Code, individuals appointed to significant public roles are required to disclose any major political activities they have participated in over the past five years. This includes holding public office, engaging in public speaking, making recordable donations, or running for election. It has been confirmed that Luke Jensen has not reported any significant political engagements during this period.
Role and Responsibilities of NS&I Board Members
The non-executive members of the NS&I Board play a crucial role in ensuring that a robust strategy is in place to fulfil the organisation’s mandate of facilitating cost-effective debt financing for the government. In addition to strategic oversight, they provide external advice, supervise risk management, and maintain transparent relationships with NS&I’s outsourcing partners.
As one of the largest savings institutions in the UK, NS&I offers a diverse array of savings and investment options. All products are backed by HM Treasury, guaranteeing 100% capital security for savers, which enhances the appeal of NS&I’s offerings in the competitive financial landscape.