UK - Towers Perrin has laid off 10 people from its financial planning group, including group head Robert Ivey.
The redundancies follow a review of the consultant’s UK employee benefits services business.
An inside source has revealed that business had dried up for the financial planning group – which deals with products such as stakeholder and group personal pensions – and the job losses were part of a cost-cutting exercise at the firm.
A spokeswoman said: “Towers Perrin’s commitment to the Financial Planning Group and the services it provides remains unchanged and will not result in any change to the service we provide to our clients.”
As part of the restructure Nigel Odling will become the group’s new practice leader.
Odling has worked within Towers Perrin for more than five years.
Ex-BHS owner Dominic Chappell has been ordered to pay a total of £87,000 in fines and court costs after he was found guilty of failing to provide The Pensions Regulator (TPR) with information.
The Department for Work and Pensions (DWP) has said it while believes in the benefits of consolidating defined benefit (DB) schemes, there are significant issues to overcome.
There is just one week left to register to enter the Workplace Savings and Benefits Awards 2018.
Nearly a third (32%) of employers believe new technologies, such as augmented and virtual reality, will play a part in benefits communications, latest research from Aon Employee Benefits reveals.