JLT Employee Benefits has appointed Martin Boniface as an executive director. He was previously a partner at Hymans Robertson.
What did you want to be when you grew up?
I always wanted to work outdoors and ideally in something like The Forestry Commission, but here I am in an office dealing with pension risk.
What was your favourite subject at school and why?
Torn between history and physics for different reasons. Physics because I have an enquiring mind and like to understand why things happen, and history because you can always learn from the past.
What was your fist paid role?
Saturday and after school job at WH Smith & Son in Reading. It was great as I got discount on books (history and reference) and LPs.
What led you to a career in pensions?
I worked for Scottish Amicable Life Assurance Society and gravitated towards pensions, including being a pensioneer trustee for its SSAS business.
What are your priorities for this new role?
Listen to and understand the needs of our clients and then work with colleagues to develop propositions that address these needs while ensuring they are priced competitively. Alongside this, raise the profile of JLT Employee Benefits and make sure the market knows what we stand for.
What is the biggest hurdle for pension schemes to overcome at present?
There are a number, but how can we help schemes (trustees and sponsors) break the cycle of making deficit contributions only to see their deficits increasing year-on-year as they have recently. Watch this space.
What change would you make to investment legislation/regulation?
I’d change PA95 where trustees are given sole power to determine investment strategy. An anachronism in a world where sponsors underwrite the risk, and have no say in how assets are invested. Surely better to promote a partnership approach?
What do you like to do in your spare time?
I am a keen motorcyclist. I also like spending time with my grown-up sons, Jack and Harry, reading and listening to music from rock to classical.
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