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Pru chief joins PAFS as chief actuary

The Pension Annuity Friendly Society has appointed Richard Willets as chief actuary.

This is the second high-profile figure to join the society from Prudential Annuities, with Simon Whitehead made deputy chief executive in January.

Willets was actuarial fin-ance manager at Pru Annuities where he spearheaded the launch of Pru&#39s impaired life annuity and bulk annuity business.

PAFS, which specialises in impaired life annuities and long-term care, is strengthening its management team ahead of expansion plans financed through a £16m loan from Bank of Scotland.

The provider will soon be launching two new products, a term insurance policy and a whole-life term insurance policy. Both products will be available for standard and impaired lives.

Chief executive Chris Rostron said: “Both Simon and Richard have in-depth knowledge of the annuity industry and their wide-ranging skills will be put to good use in helping us achieve ambitious growth plans.”

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