UK - HSBC Actuaries and Consultants (HACL), the pension consulting arm of bank giant HSBC, has appointed defined benefit head Steven Robinson to a new strategic role in a bid to update its DB and trustee market offerings.
According to a spokesman, the move is necessary to develop its existing business proposition in the current market.
"Steven Robinson has been appointed to look closely at the services that we are offering in that area, and to make sure that they are fit for purpose considering the current pension environment, particularly against the economic background," said the spokesman.
Robinson, who joined HACL from PricewaterhouseCoopers in 2002, will "make sure we are bringing relevant services and products to the market that meet the needs of our clients."
The spokesman denied HACL was going through a reorganisation, adding that the move is part of a normal business development.
"It is always an ongoing process in terms of reorganising yourself to make sure that you are as attractive as possible to the market," he concluded.
HACL today also said it had relaunched its Investment Monitoring And GovernancE" service (IMAGE) for trustees, after redeveloping it.
The news comes as HSBC is in the midst of deciding whether to press ahead with drastic new changes to its pension arrangement.
The company announced in June it was proposing to overhauls its corporate DB pension schemes, while raising the normal retirement age from 60 to 65.
Additionally, the bank wants to ask staff to make contributions for the first time, while HSBC will increase payment to a defined contribution scheme, according to media reports. The HSBC corporate press office was not available for comment on the matter.
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