William Langland was a 14th century hippy who wrote a poem about the vision of Piers Plowman that contains a section where Piers sits on a hill near Malvern surveying the industry in the villages and fields below him – the “fair field full of folk” . He is inspired by the commonality of purpose of his fellow men (and women)
Since I read the poem when at college, this section’s come back to me a few times- it did so yesterday as I wandered the 400 yards from Griffin Park to my house delighting in Yeovil‘s 2-1 victory over Brentford.
Rather than getting bothered by the randomness of the diverse world he sees in front of him, he tries to make sense of it, delighting that rich and poor get on with it – there’s no chippiness from the humble plowman.
Which brings me on to the light I see at the end of the DC tunnel. Those who read my blog know that I’m fed up with the inefficiencies of DC, especially at the point where market driven accumulation is exchanged for inappropriate guaranteed annuities midway through adult life.
Everywhere I look I see our fair field full of folk engaged in little projects which though diversely motivated lead me to the same pleasurable conclusion as Piers.
My friends at Mattioli Woods tell me that they are busy finding ways to provide scheme pensions for their high net worth SSAS pensioners. These pensioners are rich enough to want to preserve their pensions capital , they are more concerned by tax than pensions poverty and the scheme pension is a means for them to manage their affluence most efficiently.
My friends at Alliance Bernstein are busy extending the concept of target dated funds to provide a collective drawdown which will enable the members of well-funded occupational DC schemes to defer the annuity process till there really is a need for a guarantee on income, your 75th or even 80th birthday,
My friends in Government are busy looking at ways to use our £5bn pension protection fund to provide scheme pensions for the majority of us not protected by occupational pension trustees or private wealth.
Now what I like most about Piers was that he dreamt when he should have been ploughing (a well merited criticism of myself). His words inspired me when I was a student and continue to do so.
I hope that my words inspire you just enough to have a little smile on your face when you finish reading this. The pen is mightier than the sword and a lot less dangerous!
- A blueprint for DC pensions (henrytapper.com)
- A definitive solution to the annuity crisis. (henrytapper.com)
- NEST- the irrefutable case for “Scheme Pensions”. (henrytapper.com)
- A massive failure of nerve – the sad state of our DC pensions (henrytapper.com)
- A Christmas message of hope for your pension (henrytapper.com)
- Will new annuity rules boost retirement income? (confused.com)
- How pension firms can cut your income by 33pc (telegraph.co.uk)
- Call to amend Pensions Act ‘flaw’ (lv.com)
- Flaw uncovered in pension protection law (independent.co.uk)
- Annuity shop-around encouraged (lv.com)
- DC- where it all went wrong for the fund managers! (henrytapper.com)
- DC – a victim of “mark to market” evangelism? (henrytapper.com)
- Parker links furloughs to pension dispute (chron.com)