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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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White paper — recording sickness absence

The latest figures from the Department for Work and Pensions illustrate that sickness absence is still a major cost to businesses, with an annual bill for sick pay and associated costs to employers of £9bn. This paper from Jelf Employee Benefits looks at the importance of recording sickness absence for any employee health strategy and how this can be carried out in an efficient manner to reduce absence, improve employee engagement and drive up profits.


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