Stewart Ritchie OBE is set to retire as director of pensions development at Aegon after almost 36 years with the company and will be replaced by his deputy Rachel Vahey.
Ritchie will retire on 31 July 2008 but will continue to provide consultancy work for Aegon.
His role will be taken on by head of pensions development Vahey who has effectively been Ritchie’s number two for the past few years, says an Aegon spokeswoman. It has not yet been decided if Vahey will take on Ritchie's job title.
Ritchie joined Scottish Equitable, part of the Aegon group, in 1972 and became director of pensions development in 1993.
He first became a prominent figure in the pensions industry as chairman of the Association of Pensioneer Trustees and has helped shape pensions policy through his work on several ABI committees, the NAPF Benefits Council and the Society of Pension Consultants.
In 1997 he was appointed by the Government to the Pension Provision Group and in 2001 became a founding Council member of the Pensions Policy Institute. Ritchie has also been President of the Faculty of Actuaries, Chairman of the Board of Examiners and was awarded an OBE in 2002.
"Few people have worked as hard to improve the pensions landscape in the UK over the last 30 years as Stewart Ritchie,” says Otto Thoresen, chief executive of Aegon UK.
“His insight and understanding of his field are acknowledged across the industry and he is recognised as a leading authority in pensions.”
Thoresen believes the savings industry has benefited from Ritchie’s insight and experience and tireless enthusiasm for his subject.
Ritchie says: “The pension challenges today are as serious as any I can remember in the last 35 years. I shall remain a very interested observer and hope to make some positive contributions to help."IFAonline
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