Former chief operating officer at Anglo Irish Bank Tiernan O'Mahony has been appointed chairman of the Irish Pensions Board.
Mr O'Mahony who left Anglo to set up his own financial service firm International Securities Trading Corporation, takes over from Michael McNulty, who has completed his term as Chairperson and wishes to pursue other interests.
The Minister for Social Affairs Seamus Brennan also named the other new members of the pensions board who will serve a five-year term.
Among the new board members are William Beausang, Assistant Secretary General, Department of Finance, Rosalind Briggs of Mercers and Gerry Ryan Group Secretary of Bord na Mona
Mr Brennan set out the challenges facing the new board. "While there are many issues to be faced, I feel one startling statistic encapsulates the pension's dilemma we are facing. Out of a workforce of some 2 million, an estimated 900,000 people do not have a private or occupational pension to boost their incomes in retirement."
The Pensions Board was established in 1990 to monitor and supervise the €62 billion pensions industry, the operation of the Pensions Act and pension developments generally.
It also issues guidelines on the duties and responsibilities of trustees of schemes and codes of practice on specific aspects of their responsibilities and it advises the Minister on pension matters generally.