Lord Hutton, former Secretary of State for the Department of Work & Pensions, has joined Redington as an advisor. He will be working with the firm’s consultants and ALM team to design more resilient and sustainable Defined Contribution (DC) solutions, drawing on his background in pensions policy and reform. This is a concerted effort by Redington to extend its success in the Defined Benefit space to other areas of pensions; the firm aims to improve the financial futures of an ageing population by delivering sustainable and resilient long-term savings and investments outcomes.
In his role as Advisor, Lord Hutton will counsel Redington in the process of designing, developing and delivering DC solutions that help provide individuals with more financial security in retirement. Lord Hutton will also help grow RedStart, the firm’s charitable financial education programme, to extend financial literacy and planning among young people.
Following his tenure as Secretary of State for the Department of Work & Pensions, Lord Hutton led a commission set up by the coalition government to investigate the options for short and long-term reform of the pensions system; the final report was published in March 2011. He brings insight, understanding and wisdom in the field of pensions and pensions policy.
Robert Gardner and Dawid Konotey-Ahulu, co-CEOs and co-Founders of Redington, released the following statement: “We are thrilled that Lord Hutton is joining us, we will be working closely together to answer the question, "How can we improve DC pensions?". Lord Hutton not only brings unparalleled expertise in pensions policy to the role, he also shares our passion for designing a long term saving and investment model to ensure that everyone feels confident and in control of their financial future."
Jonathan Letham, co-Founder of RedStart with Freddie Ewer, said: “RedStart’s success in the last year is testament to the necessity for the financial education of young people. Lord Hutton brings a new perspective to our mission, years of experience and a wealth of ideas. We are excited to start the new year with 20 education days on the horizon, and now the superteam is in place to take this initiative to the next level.”
Lord Hutton, Redington Advisor, said: “I’ve been impressed by what Redington has achieved in seven years in transforming the way Defined Benefit pension schemes manage and control investment risk to repair their deficits in an affordable way. Their passion for helping young people learn the importance of saving over consumption is one I strongly believe in; I am delighted to become an advisor to this entrepreneurial firm with a clear purpose to solve the pensions challenge we face today and in the future."
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