MOVES


People on the move


Mark Howard has been appointed general counsel (pensions and financial services) at Smart Pension. Prior to joining Smart, Mr Howard spent 14 years at city law firmClyde & Co, most recently as head of pensions.


XPS Pensions has announced the appointment of Ben Gold as head of investment. He takes over from Patrick McCoy, who has a new role as head of advisory for the pensions and investment businesses.


Columbia Threadneedle’s Mark Burgess, Emea chief investment officer and deputy global CIO, has decided to take a career break. During his tenure he has led the Emea investment department of more than 160 people. William Davies, global head of equities, will now become Emea CIO.


Caroline Rookes has been appointed the first interim chair of the Pensions Ombudsman. In her new role, Ms Rookes will help the board strengthen its governance to better reflect the organisation’s transformation, both in terms of size and the complexity of its work, as recommended by the Tailored Review.


Covenant specialist Lincoln Pensions has hired Stephen Taylor as senior adviser. Mr Taylor brings more than 35 years of industry experience to the company.He has acted as an adviser, board member and facilitator to a large portfolio of global companies.


Dominic Delaforce has been appointed director in BMO Global Asset Management’s UK institutional relationship management team. He will be responsible for the company’s pension fund clients. Mr Delaforce joins from Aberdeen Standard Investments.


UKneedsto stepup pensions provision


By Stephanie Hawthorne


Bob Scott is something of a rarity – a pensions lifer who has worked for the same firm virtually all his adult life, having joined Lane Clark& Peacock nearly 40 years ago in 1982. Moving from Australia to the UK


after a stint as an actuarial trainee at Colonial Mutual, Mr Scott thought his adventure would only last a couple of years. “Two years became five”, and now


in his fourth decade of pensions, LCP’s senior partner since 2011 says he has seen some remarkable changes for the better, including the sophistication of investment strategies and the sheer numbers nowsaving for a pension. Onthe downside, he points to the


enormous volumeof legislation, the jargon creep and the lowlevel of state pensions in real terms. MrScott would like to see an end


to the blame put on savers for their inadequate provision, and a focus on automation to improve retirement planning. “Innovative at-retirement products would help,” he says. “People cometo retirement with a


large sumofmoneywho don’t quite knowhowto invest it, howtomanage it, howto drawit over their lifetime. Weneed something as an alternative to an annuity thatmakes it easy for people to manage theirmoney.” Tax has hung over pensions


almost throughout Mr Scott’s entire career. It is something of an admission for an actuary to say: “Tax is so complex that no one understands it.” Tax relief plays an important


role in encouraging people not to rely on social security, but should


to manage their money Bob Scott, LCP


We need something as an alternative to an annuity that makes it easy for people


Tax is so complex that no one understands it, says Mr Scott


never be unlimited “because it’s for retirement provision not tax planning”, he adds. It is not the level of tax relief on


offer, but unnecessary meddling that irritates Mr Scott. “Constant tinkering... has made the system almost unworkable. It’s in need of an overhaul,” he explains. Despite this, Mr Scott welcomes


the most controversial reform of all: pension freedoms. “People have not exercised their


freedoms recklessly – most have had relatively small amounts of retirement savings that would not have provided them with much of a lifetime income,” he says, welcoming the flexibility they bring. Mr Scott’s own outlook is sunny.


LCP achieved record total revenue of £114.9min the 2018-19 financial year, and while he would not comment on the speculation, rumours of a £200m bid for KPMG’s pensions consultancy arm were reported by Sky Business earlier this year. Perhaps it is this success that


sees him as energised as ever after 40 years at the company. “I’m still working full-time, very much enjoying my work, the challenges, and day-to-day cut and thrust,” he says. “I have no plans to slow down just yet.”


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