Independent Trustee Services has hired Dan Gilmore as it looks to meet rising demand from pension schemes across the UK. Gilmore arrives from PwC, having also spent time with the UK’s pension regulator.
Chris Martin, Independent Trustee Services (ITS) Executive Chair, said, “I am pleased to welcome Dan to the ITS team. His appointment brings further, independent, diversity of thought during a complex and challenging time for schemes and their sponsors. I know that he will offer yet another perspective to help us meet the needs of our clients.”
Gilmour takes on the role of Associate Director. The recently created role will help ITS respond to a period of significant growth, with so many challenges facing schemes and sponsors.
After a market meltdown in response to the short-lived Chancellor Kwasi Kwarteng’s mini-budget, several pension funds managing vast sums on behalf of retired people across Britain came close to collapse. The situation triggered the Bank of England to stage an emergency intervention to calm turmoil in financial markets, as pension funds with more than £1 trillion invested in them came under severe strain, and a “large number” were seemingly in danger of going bust.
While the situation has moderately calmed since, pensions funds are by no means out of the woods. Many will be preparing for the worst, should the UK economy further tank in the coming months – meaning demand for pensions advisory and trustee services is rising.
Gilmore joins having spent the last two years with PwC, where he was most recently a Senior Manager in its pensions employer covenant and restructuring team. He also previously spent six months on secondment to The Pensions Regulator as a business analyst, where he was a member of the ‘rapid response’ team and supported more than 50 live cases.
Speaking on his new challenge, Gilmore said, “I have worked with scheme trustees in a number of challenging and interesting situations, and now is the right time to use my experience and expertise to help clients as a professional trustee. Having worked with ITS in the past, I know first-hand my new colleagues’ passion for securing the best outcome for scheme members.”