UK - Two Mercer Human Resource Consulting partners are expected to take up top appointments within the Actuarial Profession.
Worldwide partner and chief actuarial officer Harvie Brown is set to succeed Aon Consulting principal Tom Ross as president of the Faculty of Actuaries.
And European partner Wendy Beaver (pictured) is expected to succeed Hymans Robertson senior partner Ronnie Bowie as chairman of the Pensions Board.
Both appointments will not be official for at least another two months, after the Faculty members’ annual meeting and a meeting of the profession’s appointments committee, respectively.
Brown is the current junior vice-president of the Faculty of Actuaries and is expected to begin his two-year term in July.
The Actuarial Profession’s members will be invited to vote on Brown’s appointment, but with no other candidates scheduled to stand, his appointment is certain.
He is also a Fellow of Pensions Management Institute and past chairman of the Pensions Board of the Actuarial Profession.
Beaver – who is the board’s current deputy chairman – is expected to replace Bowie in July for a two-year term.
Bowie – a senior partner at Hymans Robertson – explained that it was traditional for the deputy to succeed the chairman. He said: “Wendy is the expected successor and I am not aware of anything that would get in the way of that.”
Bowie added: “Wendy and I have worked very closely together over the last two years.
“She has been a very active and an enthusiastic deputy chairman – I’m sure she will have no trouble moving up. And there will certainly be no discontinuity or disruption at all in the work that the Pensions Board does.”
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.