Mercer in Ireland has re-orgainised its leadership with the appointment of Paul O'Faherty as chief executive, effective from July 1, 2001. He replaces Jim Kelly who is retiring at the end of the year.
O’Faherty joined the firm in 1980 and is currently responsible for its investment consulting, administration and client management practices, as well as the IT function.
He is a former chairman of the Irish Association of Pension Funds and has also represented Ireland on the executive committee of the European Federation for Retirement Provision.
Jim Brophy, who currently leads Mercer’s retirement and healthcare practices, has been appointed deputy chief executive. Brophy is also an actuary and a partner at Mercer.
Kelly, who becomes chairman of the holding company for the Mercer group in Ireland, said that succession planning had been a priority for the group for some time as it has been through a period of major change in recent years.
By Janet Du Chenne
Enhanced powers for The Pensions Regulator (TPR) to prosecute and fine company directors who "wilfully or recklessly" put their defined benefit (DB) pension scheme at risk will be hard to enforce, commentators say.
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UPDATE 2 - DWP publishes DB white paper: Stronger powers for TPR, DB chair statements to be introduced
The Pensions Regulator (TPR) will be given the power to fine company bosses who deliberately puts their defined benefit (DB) schemes at risk, the government has confirmed.