Interim Chair appointed to National Savings and Investments

The Economic Secretary to the Treasury has announced that Luke Jensen has been appointed as Interim Chair to the Board of National Savings and Investments (NS&I).

This follows previous Chair, Lord Gerard Lemos CMB CBE, stepping down in July 2025 following his appointment to the Whip's Office within the House of Lords. This interim appointment has been made while the process for finding the next Chair is completed.

Luke has sat on the NS&I Board since 1 April 2024 and brings a wealth of experience as an established senior executive and non-executive across a range of retail and consumer-focused environments. Luke is currently a non-executive director for the Co-operative Group and Hana Group SAS.

Luke will serve as Interim Chair for a period of 12 months. HM Treasury will set out the process for recruiting a new permanent Chair to the NS&I Board as soon as possible.

The Economic Secretary to the Treasury, Emma Reynolds MP said:  

NS&I plays a key role in delivering cost-effective finance for the Government, and I would like to thank Lord Lemos for his contributions to the Board over the past year. 

I am pleased to welcome Luke Jensen as Interim Chair, to continue to deliver cost-effective finance for the Government and progress its Transformation Programme whilst we recruit for Lord Lemos' successor.

Further information

• This interim appointment was made by the Economic Secretary to the Treasury as an exceptional appointment without competition, following consultation with the Commissioner for Public Appointments, in accordance with the Cabinet Office's Governance Code on Public Appointments.

• Under the Code, any significant political activity undertaken by an appointee in the last five years must be declared. This is defined as including holding office, public speaking, making a recordable donation, or candidature for election. Luke Jensen has not declared any significant political activity. 

• Non-executive members of NS&I's Board ensure a sound strategy is in place to meet the organisation's remit of raising cost-effective debt financing for the government. They also act as an external source of advice, have oversight of risk control and ensure NS&I's links with its outsourcing partners remain open and transparent.

• NS&I is one of the largest savings organisations in the UK, offering a range of savings and investments. All products offer 100% capital security because NS&I is backed by HM Treasury.