Mr Gold takes over from Patrick McCoy, who has also received the new role of head of advisory for the pensions and investment businesses.

Patrick McCoy said: “It is becoming even more critical for pension schemes to join up their thinking across funding, investment and covenant so the aim of my wider role as head of advisory, is to ensure that we produce well thought through joined-up advice across all our advisory service lines which helps clients meet their long term goals.”

Ben Gold said: “I’m delighted to be taking on the role of leading our investment practice at this time, with so much opportunity to really help pension schemes. This is a hugely exciting time to help our clients achieve their objectives whilst ensuring we live up to the standards demanded by the CMA. By doing this, I will ensure that XPS plays its part in driving the changes to the industry the CMA has demanded.”