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Aegon’s Stewart Ritchie to retire

Aegon director of pensions development Stewart Ritchie OBE is to retire on 31 July after 36 years with the provider.

Ritchie joined Scottish Equitable in 1972 as an actuarial trainee and qualified as a Fellow of the Faculty of Actuaries in 1977.

In 1989 he led a successful opposition to the Conservative government’s plan to restrict small self-administered scheme own-company investments to 5 per cent of scheme assets.

In 1997 Ritchie was appointed by the Government to the Pension Provision Group, an independent panel of experts established as part of the Pensions Review to analyse current and projected future pension provision in the UK.

The group saw the need for a permanent, independent organisation to thoroughly test the long term sustainability of policy decisions and in 2001 the Pensions Policy Institute was set up with Ritchie as a founding council member.

Aegon says Ritchie has provided practical guidance to advisers over the years through numerous Pensions Acts, the introduction of stakeholder pensions and the changes brought about by the A-day pensions legislation.

Ritchie’s contribution to the pensions industry and actuarial profession was recognised in 2002 when he was made an Officer of the British Empire.

Aegon chief executive Otto Thoresen says: “Few people have worked as hard to improve the pensions landscape in the UK over the last 30 years as Stewart Ritchie. His insight and understanding of his field are acknowledged across the industry and he is recognised as a leading authority in pensions.

“His work has been fundamental in developing Aegon’s position as a leading pension provider, but the whole of the long term savings industry has benefited from his insight and experience, and tireless enthusiasm for his subject. We wish him a very happy and enjoyable retirement.”

Ritchie adds: “I have been extremely fortunate in my career, working with great people and being strongly supported by my employer and my family. 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.”

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