UK – Paternoster, the new UK defined benefit pension buyout firm, has hired Hewitt Associates’ principal consultant Cliff Speed.

Speed, who was involved with risk management modelling, had been with Hewitt for nine years, a Hewitt spokesman said.

And he added that the firm was reviewing how or if Speed might be replaced.

A spokesperson for Paternoster said it would be making an announcement on the appointment this week.

Speed sits on various committees at the Institute of Actuaries. He was a member of the Faculty Council in 2004 and has served on the Pensions Board and the Finance and Investment Board.

He previously worked as an investment consultant for Aon Consulting, a lecturer in actuarial mathematics at Heriot-Watt University and as an actuary for Scottish Amicable Life Assurance Society.

Paternoster, which aims to take on the pension assets of mid-sized firms, was founded recently by former Prudential UK chief Mark Wood.

Elsewhere, Hewitt has announced that Philip Dennis has taken on the lead role for the company's trustee advisory services in its Leeds office.

Dennis, who has been with Hewitt since 1996, was previously based in London and is one of the lead pension consultants within the company's retirement consulting practice.

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