JLT Employee Benefits has appointed Phil Wadsworth as chief actuary to replace outgoing Hugh Nolan who has left the company.
Wadsworth (pictured) who has worked at the company for 17 years and previously held the role of chief actuary at JLT from 2003 to 2013, reassumes the role immediately.
JLT said Nolan would be officially leaving the firm on 31 March after six years to pursue new opportunities.
Wadsworth moved from being chief actuary in 2013 to become a director at Independent Trustee Services between October 2013 to September 2014, and then director at JLT from September 2014 to March 2016. He has over 30 years of industry and actuarial experience.
Wadsworth will be responsible for driving professional actuarial standards, taking the lead in the company's engagement with The Pensions Regulator and trade bodies, including the Association of Consulting Actuaries.
JLT's chief executive Bala Viswanathan said Wadsworth reassuming the role came at a time when the company was being re-shaped into a client centric, consulting-led business.
He added: "He is an ideal choice, bringing continuity and a wealth of expertise to the board and his colleagues. We would like to thank Hugh Nolan for his outstanding work during the last six years he has been with JLT and wish him good luck with his future career."
Wadsworth said: "The employee benefits industry is facing many challenges as the government seeks to incentivise savings at a time of low interest rates, volatile markets, increasing longevity of savers, while also needing to drive the economy forward."
Defined benefit (DB) schemes that provide GMPs must revisit and, where necessary, top-up historic cash equivalent transfer values (CETVs) that have been calculated on an unequal basis, a landmark court judgment says today.
Regulators must act now to impose some "proper regulation" to stop another defined benefit (DB) transfer advice disaster, saysTim Sargisson.
Opportunities for defined benefit (DB) schemes to pursue investment approaches that help repair the UK’s economy cannot stand in the way of improving member outcomes, Aegon says.
More members transferred out of defined benefit (DB) pension schemes in October after September's record lows while values were surprisingly stable, according to XPS Pensions Group's Transfer Watch.