Lyons' share for career changes adds up to pounds 1.1m - Business - News - The Independent

Lyons' share for career changes adds up to pounds 1.1m

Alastair Lyons has been appointed chief executive of NPI, a mutual pensions company,days after receiving a pounds 740,000 pay-off from Abbey National. And he has clinched another favourable employment deal, with a salary of pounds 325,000 from NPI on an initial 18-month contract.

He made a name for himself by fighting hard to keep National & Provincial Building Society independent when it sought a partner over a year ago, but N&P was eventually bought by Abbey National. Mr Lyons stayed on as managing director of Abbey's insurance division and played a key role in merging the two institutions.

His new role will again be high profile, as NPI is being stalked by Australian Mutual Provident. City sources suggest a selling price of around pounds 2bn if AMP is successful.

Mr Lyons said yesterday he intended to champion NPI's status as an independent, mutual company: "I've come into this business to build it, not sell it.

"I'm a passionate believer in mutuality. It's the best deal for the customer since there is no sharing of the value created in the company with a third party - shareholders."

Mr Lyons will succeed Kevin McBrien as chief executive of NPI. The company is based in Tonbridge in Kent and has around pounds 10bn under management, with 390,000 policyholders. It sells its products through independent financial advisers.

NPI said Mr McBrien would retire from the board at the beginning of July and Mr Lyons would take up the post of chief executive in June.

Mr Lyons said: "I enjoyed working with Peter Birch [chief executive of Abbey National]. It was a great period. I always said to Peter that I wanted to be chief executive of my own business at some point, but not before N&P was fully integrated with Abbey."

He said that long-term savings were the fastest-growing area of financial services because of demographic reasons. "Because of our relative small size [at NPI] we can run rings around the competition."

Mr Lyons denied that he was doing a U-turn on mutuality, having caved in to Abbey's bid for N&P. "N&P's branches and advisers needed investment, but the size of the business meant we couldn't sustain that investment. That is why we decided we needed a partner, which meant we needed to demutualise.

"NPI is completely different. It is a tightly focused business which doesn't need to demutualise."

Despite his enthusiasm for mutuality, Mr Lyons denies that the current wave of conversions to plc status among building societies and insurers has gone too far.

"If all the societies and insurance companies had converted then that wouldn't have left future generations with a lot of choice over financial services. What these conversions have done is to act as a very healthy catalyst to force the remaining mutuals to be more competitive."

Halifax, Woolwich and Alliance & Leicester building societies are converting this year. Mr Lyons said that while he did not know which direction they would take, their managements had been acting for years as if they had already converted.

News
John Travolta is a qualified airline captain and employed the pilot with his company, Alto
people'That was the lowest I’d ever felt'
News
peopleThe report and photo dedicated to the actress’s decolletage has, unsurprisingly, provoked anger
Arts and Entertainment
While many films were released, few managed to match the success of James Bond blockbuster 'Skyfall'
filmsDaniel Craig believed to be donning skies as 007 for first time
Sport
footballThe latest scores and news from Dortmund vs Arsenal and Liverpool vs Ludogorets
PROMOTED VIDEO
Voices
Yes supporters gather outside the Usher Hall, which is hosting a Night for Scotland in Edinburgh
voicesBen Judah: Is there a third option for England and Scotland that keeps everyone happy?
Arts and Entertainment
Robin Thicke's video for 'Blurred Lines' has been criticised for condoning rape
music
Life and Style
techCriminals now targeting e-readers
Life and Style
tech
Life and Style
tech... and together they're worth at least £100 million
Life and Style
healthIt isn’t greasy. It doesn’t smell. And moreover, it costs nothing
News
ebooksAn unforgettable anthology of contemporary reportage
Life and Style
fashion
Travel
news This video may make you think twice about ever taking the Tube again
Life and Style
A spider is seen in its web on September 16, 2014 in Hohen Meissner, Germany.
tech The 'Spider in Da House' app has been developed by scientists to tackle arachnophobia
Life and Style
fashionIncredibly, it hasn't been branded 'Will.eye.am'
News
A plane flies close to the eruption of the Icelandic volcano
newsAnd yes, it's quite something
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Sales Executive

£20 - 24k (Uncapped Commission - £35k Year 1 OTE): Guru Careers: We are seekin...

Payroll & Accounts Assistant

£20 - 24k + Benefits: Guru Careers: This is a great opportunity for an enthusi...

SQL Developer - Watford/NW London - £280 - £320 p/d - 6 months

£280 - £320 per day: Ashdown Group: The Ashdown Group have been engaged by a l...

Senior BA - Insurance **URGENT**

£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...

Day In a Page

Mystery of the Ground Zero wedding photo

A shot in the dark

Mystery of the wedding photo from Ground Zero
His life, the universe and everything

His life, the universe and everything

New biography sheds light on comic genius of Douglas Adams
Save us from small screen superheroes

Save us from small screen superheroes

Shows like Agents of S.H.I.E.L.D are little more than marketing tools
Reach for the skies

Reach for the skies

From pools to football pitches, rooftop living is looking up
These are the 12 best hotel spas in the UK

12 best hotel spas in the UK

Some hotels go all out on facilities; others stand out for the sheer quality of treatments
These Iranian-controlled Shia militias used to specialise in killing American soldiers. Now they are fighting Isis, backed up by US airstrikes

Widespread fear of Isis is producing strange bedfellows

Iranian-controlled Shia militias that used to kill American soldiers are now fighting Isis, helped by US airstrikes
Topshop goes part Athena poster, part last spring Prada

Topshop goes part Athena poster, part last spring Prada

Shoppers don't come to Topshop for the unique
How to make a Lego masterpiece

How to make a Lego masterpiece

Toy breaks out of the nursery and heads for the gallery
Meet the ‘Endies’ – city dwellers who are too poor to have fun

Meet the ‘Endies’ – city dwellers who are too poor to have fun

Urbanites are cursed with an acronym pointing to Employed but No Disposable Income or Savings
Paisley’s decision to make peace with IRA enemies might remind the Arabs of Sadat

Ian Paisley’s decision to make peace with his IRA enemies

His Save Ulster from Sodomy campaign would surely have been supported by many a Sunni imam
'She was a singer, a superstar, an addict, but to me, her mother, she is simply Amy'

'She was a singer, a superstar, an addict, but to me, her mother, she is simply Amy'

Exclusive extract from Janis Winehouse's poignant new memoir
Is this the role to win Cumberbatch an Oscar?

Is this the role to win Cumberbatch an Oscar?

The Imitation Game, film review
England and Roy Hodgson take a joint step towards redemption in Basel

England and Hodgson take a joint step towards redemption

Welbeck double puts England on the road to Euro 2016
Relatives fight over Vivian Maier’s rare photos

Relatives fight over Vivian Maier’s rare photos

Pictures removed from public view as courts decide ownership
‘Fashion has to be fun. It’s a big business, not a cure for cancer’

‘Fashion has to be fun. It’s a big business, not a cure for cancer’

Donatella Versace at New York Fashion Week