Aberdeen appoints former shadow pensions minster as new head of retirement savings

Aberdeen Asset Management has appointed former Shadow Pensions Minister Gregg McClymont head of retirement savings.

The wealth manager said that the one-time Labour MP for Cumbernauld, Kilsyth and Kirkintilloch East will take up the role encompassing defined contribution pensions strategy, research and implementation, “with a particular emphasis on the new world of retirement savings”, with immediate effect.

Mr McClymont, who was appointed to the shadow cabinet in 2011 and shadowed former pensions minister Steve Webb during the last parliament, said: “Following a fascinating and hectic five years in politics and pensions, I’m delighted to be joining a great Scottish company with global reach and reputation.

“This is a crucial moment for pensions and savings. The end of compulsory annuities poses a huge public policy challenge. Success depends on individuals having access to high quality, easy to understand, income and savings products at a fair price.

“I look forward to helping Aberdeen, with its reputation for effective stewardship, play its part in helping savers succeed in this new world of pensions flexibilities”.

John Brett, Aberdeen’s global head of distribution, said: “We are delighted that Gregg has agreed to join Aberdeen given his expertise in pensions. His appointment is intended strengthen further our commitment to meeting the retirement needs of investors.”