Hymans Robertson promotes Mark Jaffray to Head of DC consulting

Hymans Robertson has promoted Mark Jaffray to lead its defined contribution consultancy business. Jaffray has been a stalwart at the firm’s Glasgow office since 2005, and brings some 20 years of pensions and investments experience to the role.

The UK pensions and actuarial consulting market currently commands combined revenues of almost £1.9 billion, with that number likely to rise past the £2 billion mark in the near future – while the dominant three firms in the UK pension consulting arena bring in over half of that figure. With annual revenues of £75 million, Hymans Robertson is the eighth largest player in the market.

Founded in 1921, Hymans Robertson is one of the oldest actuarial firms in the UK, and as it approaches its centenary in two years, its range of services now include actuarial, investment consulting, enterprise risk management, third-party pensions administration and communications consulting. Its client base includes FTSE 100, FTSE 250, privately owned firms and financial institutions.

As Britain’s collective £2.8 trillion pension pot faces the approaching challenge of an ageing population reaching retirement age, Hymans Robertson is working to position itself for a boom in demand. Earlier in the year, this saw the firm appoint a succession of Partners, as it attempts to position itself to tackle an uncertain future for many clients in the British economy.

Now, the consultancy has appointed Mark Jaffray as the leader of its defined contribution (DC) consulting business. Jaffray, who joined the firm in 2005, has 20 years' experience in pensions and investments. Most recently, he led the firm's investment consultancy practice in its DC wing. Prior to his arrival at Hymans Robertson, Jaffray was the Head of Investment Implementation for the National Australia Bank, where he spent eight years of his career.

Jaffray takes over the role from Lee Hollingworth, who will take on a new position developing new client solutions for Hymans Robertson's wider business. The outgoing Head of DC will now take an active role in shaping the firm's diversification strategy.

Remarking on his new challenge, Jaffray said, "This is a time of great opportunity and change for workplace savings as we work to continue the success of auto-enrolment and embrace increasing choices members are being given at the point of retirement now that pension freedoms are in place. It's vital that we continue to encourage pension saving throughout the working life and that our priority continues to be securing the best possible outcome for members.”