HM Treasury has confirmed that Luke Jensen will remain Interim Chair of National Savings and Investments for a further two months while the appointment of a permanent chair is completed. Jensen has held the interim post since 1 September 2025. Under the extension, he will continue from 1 September 2026 until 31 October 2026, avoiding a gap in board leadership during the closing stage of the recruitment process.
The announcement is presented as a temporary continuity measure rather than a change in direction. HM Treasury has already started the process to appoint a permanent chair to the NS&I Board, and the extension keeps the current governance arrangement in place until that exercise concludes. For a public body with a large retail savings base and a direct role in government financing, continuity at board level carries practical weight. A short extension gives ministers time to complete the permanent appointment while keeping a defined end point for the interim arrangement.
The extension was made by the Minister for Pensions as an exceptional appointment without competition, following consultation with the Commissioner for Public Appointments. The government states that the decision was taken in line with the Cabinet Office Governance Code on Public Appointments. That procedural point matters. The code sets the framework for ministerial appointments to public bodies, including the circumstances in which an interim or exceptional appointment can be made outside a full competition. In this case, the published explanation is that the extension is needed while the permanent recruitment process is finalised.
Under the same code, appointees must declare any significant political activity undertaken in the previous five years. The government’s notice states that Jensen has not declared any such activity. This disclosure requirement is intended to support confidence in the appointments process. It does not determine suitability on its own, but it gives Parliament, stakeholders and the public a clearer record of any recent political involvement where relevant.
At NS&I, non-executive board members are responsible for ensuring that a sound strategy is in place to meet the organisation’s remit of raising cost-effective debt financing for government. They also provide external advice, oversee risk control and monitor whether NS&I’s relationships with its outsourcing partners remain open and transparent. The chair therefore matters beyond board process. The role shapes how strategic decisions are tested, how operational and financial risks are challenged, and how the board scrutinises delivery across a major state-backed savings institution.
NS&I is one of the UK’s largest savings organisations, offering savings and investment products backed by HM Treasury. The government states that all NS&I products provide 100 per cent capital security, which remains a defining feature of the institution’s offer. For savers, the announcement does not indicate any immediate change to products, protections or service arrangements. Its main effect is on governance: it preserves continuity while ministers complete the permanent appointment and sets a clear timetable for moving from an interim chair to a substantive one.