Otto Thoresen, director general of the Association of British Insurers, is to become the new chairman of the National Employment Savings Trust in February, after an eventful three-and-a-half years at the trade body.

A Scot, Thoresen started work at life insurance group Scottish Equitable in 1978 as an actuary, rising through the ranks and eventually becoming chief executive of Aegon UK after the Dutch insurer acquired Scottish Equitable in 1994.