Steve Bee buzzes off after 12 years with Scottish Life

Published on Wednesday 25 November 2009 20:13

SCOTTISH Life pensions strategist Steve Bee is to step down in January after 12 years with the Edinburgh-based group.

The departure of one of the industry's most influential pensions experts will come as a significant blow to the firm, particularly in the independent financial advice (IFA) sector.

Bee is leaving to launch a new pensions venture for the Paradigm group of companies, in which he will become a partner. He will join forces with Paul Hogarth, who set up Paradigm in 2007, 20 years after founding IFA support services group Bankhall.

The new business, likely to launch in the second quarter of next year, will provide pension consultancy services and a suite of products aimed at helping financial advisers tackle future pensions legislation.

Iain Wishart, owner of Wishart Wealth Management in Edinburgh, said Bee would be difficult to replace.

"There are just not the people out there with the technical know how, people skills and detailed knowledge of the IFA community," said Wishart.

"He is highly rated by the adviser community and his pensions web blog 'Bee Lines' will be missed."

John Deane, chief executive of Scottish Life, the pensions arm of mutual Royal London, said Bee had helped the company become a major player. "They say that all good things must come to an end and Steve has been a very good thing for Scottish Life. We'd like to thank him for all he's done during his time with us," said Deane.

Bee, who joined Scottish Life in 1997 from Prudential, where he was head of pensions, said it had been a difficult decision.

"I can't think of any other provider company that would have given me the freedom and the support to do what I've been doing. I've had some really memorable times, especially 'on the road', meeting IFAs throughout the UK and discussing pensions with them."

News of Bee's departure comes less than a month after Scottish Life revealed that total new business had slipped 5 per cent in the first nine months of this year.

Individual pensions were up 6 per cent, but group pensions were down by almost a quarter.