Lifestyle Article - Aberdeen Life appoint two non-exec directors to its Board


Aberdeen Life has appointed two independent non-executive directors to its Board, succeeding retiring directors Chris Little and Philip Skerrett. Otto Thoresen will serve as Chairman and Dr David Hare as a senior non-executive director.
Aberdeen Life is the unit-linked insurance subsidiary of Aberdeen Asset Management. It oversees £1.7 billion on behalf of UK pension schemes.

 Otto has extensive experience in pensions, financial services and consumer issues across a range of private and public sector organisations. He was director general of the Association of British Insurers (ABI) until the end of January 2015 and served on its Board from 2005. Previously he was chief executive with AEGON Group from 2005 to 2011 and chief finance officer between 2000 and 2005. He was the independent reviewer of the Treasury Review of Generic Financial Advice – the Thoresen Review - published in 2008 which led to the creation of the Money Advice Service. Otto became Chair of National Employment Savings Trust Corporation on 1 February 2015.
 
 David has nearly 30 years of experience in the UK insurance industry. He qualified as an actuary in 1988 and has held various actuarial, marketing and financial risk management roles in a number of life insurers. David was President of the Institute and Faculty of Actuaries from June 2013 until June 2014 and was a member of the "Independent Project Board" that oversaw the Association of British Insurer's audit of the legacy pension schemes identified by the Office of Fair Trading as being at risk of being poor value for money.
 
 Helen Webster, Chief Executive of Aberdeen Life, comments: “Otto and David are very welcome additions to the Board given their extensive experience. They will play a key role in continuing to ensure a high standard of independent governance and oversight of our unit-linked funds business.” Otto has extensive experience in pensions, financial services and consumer issues across a range of private and public sector organisations. He was director general of the Association of British Insurers (ABI) until the end of January 2015 and served on its Board from 2005.
 
 Previously he was chief executive with AEGON Group from 2005 to 2011 and chief finance officer between 2000 and 2005. He has also held a series of senior marketing roles at Abbey Life, Royal Life Holdings and Scottish Equitable. He was the independent reviewer of the Treasury Review of Generic Financial Advice – the Thoresen Review - published in 2008 which led to the creation of the Money Advice Service.

 He is as a Trustee of Young Enterprise, which incorporates the Personal Finance Education Group (pfeg), a charity focused on supporting the delivery of enterprise and financial education in schools. He’s also a Trustee of Step Change, a charity that provides free debt advice to consumers. Other current positions held by Otto are as an adviser to Citizens Advice Edinburgh and a governor of the Pensions Policy Institute.

 Otto became Chair of NEST Corporation on 1 February 2015.
  

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