(Reuters) – The chief executive of Britain’s Pension Protection Fund (PPF) will step down early next year from the role he will have held for nearly nine years, Sky News reported on Sunday.

Alan Rubenstein’s departure will be announced on Monday, Sky News said, citing a Whitehall source.

Rubenstein, who was appointed as CEO of the PPF in 2009, was previously responsible for managing the Pensions Advisory Group at U.S.-based Lehman Brothers.

The PPF bails out under-funded schemes whose sponsors go bankrupt, financing itself by charging a levy which varies from scheme to scheme depending on their financial shape. reut.rs/2gVsm00.

The PPF could not be immediately reached for comment.