Lane Clark & Peacock appoints Stephen Budge Principal

Stephen Budge has joined Lane Clark & Peacock (LCP) as a Principal. He brings 20 years of experience to the firm from across the defined contributions (DC) landscape. The former Aon, KPMG and Mercer professional has spent his career specialising in innovative investment strategies for DC schemes.

Budge commented, “I have worked in the pensions industry for over twenty years and have worked with some of the leading lights in the industry. I am really excited to be joining LCP’s DC team which has a reputation for delivering great client service and being industry innovators.”

He arrives in LCP’s growing DC team – which last year saw a 17% increase in revenue – as the pensions industry faces a multitude of challenges. While the sector was already dealing with effective workplace pension provision in the expanding gig economy, the growth of Collective Defined Contribution (CDC) schemes, and pressures relating to Brexit, the coronavirus has added a new issue to be hurdled in the coming months. Amid this, consulting firms catering to the needs of pension funds are experiencing heightened demand for their services.

Laura Myers, Head of LCP’s DC team stated, “The pandemic has impacted all aspects of DC schemes and now more than ever, pension schemes are looking for advice and support to make sure they can deliver for their members. It’s fantastic to have Steve’s expertise and knowledge joining our team at this time.”

Budge joins LCP from Mercer where he worked for the best part of five years as a Principal DC Investment Consultant, working with Mercer’s key DC clients. Prior to this he was the National lead within the Investment Advisory team for KPMG's DC investment proposition and research as well as lead on key client relationships and opportunities – spending over four years with the Big Four firm. Budge began his career with a decade-long spell at Aon, meanwhile, where he was latterly Lead DC consultant, with particular focus on investments.

In April, LCP also appointed The Pensions Regulator Lead Business Analyst Helen Abbott to its growing covenant team as a Principal. Abbott arrived to lead on key engagements, and provide client insight on the back of her advisory and regulatory experience, which included seven years specialising in providing regulatory advice around covenant issues.