EUROPE – Paul McGlone, principal and actuary at Aon Consulting, is to take on a client role as the firm seeks to coordinate how it advises companies and trustees on pensions issues.
Aon said he has taken on the new role of head of employer propositions, reporting to commercial director Alistair Connell.
The move comes follows rival firms’ separating the advice they give to sponsors and trustees. But McGlone told IPE: “We’re certainly not splitting the business down the middle.”
He added he would continue to advise clients, be they firms or trustees. “We don’t have a policy where it is impossible to advise both,” he said. His role would be to coordinate Aon’s efforts in the area.
“In his new role, Mr McGlone will be responsible for delivering services that meet the specific needs of employers with defined benefit schemes,” Aon said.
“The post has been created in response to legislative changes in the UK pensions market, which has led to a polarisation of the role of the employer and trustee, and an increasing need for separate tailored advice for both parties.”
“The combination of demographics, economics and legislation is putting more and more pressure on businesses with defined benefit pension schemes,” McGlone added.
“For employers with such schemes, even ones that have been closed, there are more issues than ever to deal with.
“Having access to advice which is independent from the advice being provided to the trustees, and tailored to the employer, is increasingly being required by UK businesses.”
Elsewhere, PSolve Asset Solutions said Glyn Jones has rejoined its London office as a principal. He moves from a trading role at Dresdner Kleinwort Wasserstein.