Lord Hutton, the UK's former secretary of state for the Department of Work & Pensions, has joined London investment consultancy Redington where he will help design defined contribution (DC) pensions products.
Redington wants to create more resilient and sustainable DC plans as it moves to build on its existing established defined benefit business.
In his role as advisor, Hutton will counsel Redington in the process of designing, developing and delivering DC pensions that help provide individuals with more financial security in retirement, Redington says.
Following his tenure as Secretary of State for the Department of Work & Pensions, 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.
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