US - Towers Watson president and chief operating officer Mark Mactas will retire at year-end after more than three decades with the firm, the consultancy announced.
Mactas (pictured), who has been at the firm for 31 years, previously served as Towers Perrin's chief executive officer before becoming president of Towers Watson after the merger of Towers Perrin and Watson Wyatt in 2010.
"Mark has established a reputation as a leader who operates with unquestionable integrity and throughout his career has been a role model for the company's values," said John Haley, Towers Watson chairman and chief executive officer.
Mactas has focussed his efforts on business strategy, integration, leadership development and succession planning.
"My primary goal and interest has been to ensure that our company is positioned for long-term success and I firmly believe that is the case," said Mactas. "I have tremendous confidence in and respect for John, our leadership team and our associates. Now is the right time for me to consider my retirement, and I feel confident that I can take a step back later this year and watch Towers Watson thrive from a new vantage point."
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.
Melrose has pledged to contribute up to £1bn to GKN's pension schemes as part of a final offer to acquire the engineering business.
Existing master trusts will be forced to pay £41,000 when applying for authorisation under the upcoming regime, the government has confirmed.
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.