McClymont’s appointment will allow the global investment management group to utilise his expertise in developing strategies to deal with the new pension freedoms, which allowed people over 55 greater access to their pension savings and removed the annuity purchase requirement.
“This is a crucial moment for pensions and savings,” said McClymont, the former Labour MP for Cumbernauld, Kilsyth and Kirkintilloch East who lost his seat in May’s General Election.
“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,” he said.
John Brett, global head of distribution at Aberdeen AM said the appointment was aimed at strengthening the company’s commitment to meeting the retirement needs of investors.
The London-listed asset manager has £330.6bn ($490.8bn, €457bn) of funds under management.