I love this phrase “unrewarded risk”
An unrewarded risk is one which is not associated with any benefit for the party accepting the risk.
So it is never rational – in terms of profit maximisation – to accept an unrewarded risk.
The big question for employers is whether personality, which carries the risk of people screwing up, ever brings demonstrable value or profit.
If, as I suspect, most employers would sooner hire a moulting baboon than a “personality” then my goose is already cooked. Through to the finals of the not very prestigious Professional Pensions Awards “Pension Personality Award”, I am debating whether it is better to win or lose – maybe the phrase “no win situation” was coined for this.
My competition is worthy and with one exception – my mate Kevin Wesbroom, gonged up. Kevin doesn’t need a gong as he has hair as big as his smile. He’s pension‘s answer to Ken Dodd.
I don’t know Stuart Southall too well though I like his various companies – he has always come across as a bit grumpy to me. Still if you team up with someone called Punter and you are in the liability management game, I reckon it would pay to be dour.
Ronnie Bowie is a sort of fantasy name, he’s done some pretty good things for the actuarial profession and despite them all moaning at him, I find him a pleasant and jovial soul.
I love this guy Chris Nicholl– this is what the press release said about him
Stephen joined The Pensions Trust as Deputy Chief Executive in January 2002. His varied pension career includes spells at Express Dairies plc as Pensions Manager, at Burmah Castrol plc as Pensions Administration Manager and at consultancy firm Lane Clark and Peacock. He is an Associate of the Pensions Management Institute.
It’s that phrase “varied career” that kills me – only an industry so totally up its own backside could conceive of Stephen’s career as anything other than “focussed”- (note the restraint).
A further “gongmeister”” is Mike Sullivan – PMI president and pension manager of Britain’s premier (French owned) rubbish collectors (sorry Mike).
That leaves me. Like Big Hair, I’ve no gong but I’m not managing partner of the world’s biggest human resources firm. I am a total imposter, the fool, Puck at the court of Thebes.
And you..wasting your time reading this – shame on you! You should be working… studying….admit it, you’re reading this out of a pure prurience hoping that I’m going to let out some expletive – demonstrate my unworldliness – my unemployability.
Face it – I am your unrewarded risk.
- Uk bosses, should you sell-out your pensioners? (henrytapper.com)
- Not all pensions should be honored (arthurdobrin.wordpress.com)
- How much do you love your partner? (blogs.confused.com)
- The State can take longevity risk. (henrytapper.com)
- Every Manager Is a Risk Manager (blogs.hbr.org)
- Early pensions use ‘to stop’ (lv.com)
We certainly do need more personalities in pensions. If you don’t win, Henry, the outrage could be as big as the initial shortlist!
We have a lot of boffins in pensions and the world – even the pensions world – needs boffins. But it also needs real people. No real person I’ve ever met thinks our pensions system is easy to understand; no real person wants to take a 2nd job learning how it works; nor does it encourage them to save in a pension; and finally, most damningly, no real person would sign off such a system.
If only the boffins’ huge brains could be applied to making pensions easier … And if their huge brains could understand the value of engaging personalities … Imagine the possibilities!
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