Aberdeen Asset Management has hired former shadow pensions minister Gregg McClymont to the new role of head of retirement savings.

McClymont’s role will cover defined contribution pensions strategy, research and implementation. He will focus particularly on the "new world of retirement savings".

"This is a crucial moment for pensions and savings. The end of compulsory annuities poses a huge public policy challenge. Success depends on individuals having access to high quality, easy to understand, income and savings products at a fair price," said McClymont.

"I look forward to helping Aberdeen, with its reputation for effective stewardship, play its part in helping savers succeed in this new world of pensions flexibilities."

McClymont served five year in politics and pensions as Labour MP for Cumbernauld, Kilsyth and Kirkintilloch East between 2010 and 2015. 

“We are delighted that Gregg has agreed to join Aberdeen given his expertise in pensions. His appointment is intended strengthen further our commitment to meeting the retirement needs of investors," said John Brett, global head of distribution.