Spence and Partners has appointed Richard Smith as scheme actuary. Prior to joining, he held senior roles at Aon Hewitt and Towers Perrin.

What did you want to be when you grew up?

As a young boy I had a keen interest in animals and the natural world, and my ambition was to become a veterinary surgeon. I can’t remember when this changed but the prospect of six years of post-A level studying wasn’t particularly attractive. Instead, six years after leaving school I qualified as an actuary.

What was your favourite subject at school and why?

Probably pure maths as I enjoyed intellectual problem-solving and finding the “right answer”.

What was your first paid role?

A newspaper round, delivering papers while cycling around the local streets. It paid a pittance but was good discipline as I had to go out and work whatever the weather.

What led you to a career in investment?

My maths degree led me to a graduate position with a global consultancy as a trainee actuary, and working as an adviser to occupational pension schemes gave me an insight into institutional investment.

What are your priorities for this new role?

To help grow the business into areas of pension scheme strategy and management where we have the knowledge and expertise to deliver real value to clients but are perhaps less well-known.

What is the biggest hurdle for institutional investors at present?

2015 promises to be a game-changing year for pensions with the abolition of the requirement for retirees to buy an annuity. Although the media suggests this will herald an upsurge in Lamborghini sales, the likely reality is this will bring multiple challenges around suitable products and longevity protection as well as the thorny issue of advice or guidance.

What change would you make to investment legislation/regulation?

A quick Google search shows HMRC’s guidance alone consists of over 1500 web pages! I would welcome a project to massively simplify the system by slashing the volume of legislation. However, I don’t hold out much hope.