First Actuarial’s client conference in tweets

Posted on May 10, 2019 by henry tapper
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The Royal Society of Arts Clubhouse

First Actuarial had its first client conference yesterday, if you weren’t there, it’s probably  because you aren’t a client. Make sure that doesn’t happen again next year!

Here’s what you got/missed

At the heart of what we are about is a quite different attitude to risk

Hilary Salt contribution on risk was the central contribution of the conference

The Regulator spoke through David Fairs,

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David Fairs

though the new funding regime has yet to be fully announced , we heard about their nuanced position. “Limited Dependency” is the new “Self Sufficiency” Not everyone in the room saw this as doing much to halt the decline in DB accrual. David had published his thoughts in a blog released earlier in the day.

Spookily, the Pensions Regulator also published its new funding framework soon after. I said it was an awesome day

Getting technical

Duncan Buchanan and Wendy Hancock talked us through GMP Equalisations by comparing Jeremy Corbyn and Theresa May’s entitlements.

Points were made plainly

There was a lighter side to this technical discussion

Thinking harder

The technical session was challenging, what followed after the break was inspirational.

We heard from UCU’s Sam Marsh on how ordinary members had taken back some control of their pension scheme with the help of independent actuaries.

As Sam was speaking, the USS published its new proposals for the 2018 USS valuation (spookier still)

Sam made it clear that it was Hilary Salt and Derek Benstead’s pioneering report on USS finances that empowered him to push back against scheme closure

And he made it clear that “de-risking” in the coinage of pensions is anything but


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Dignity in retirement

Terry Pullinger was typically plain speaking , talking of the need to provide his members and the wider community of working people with the dignity of a proper wage in retirement.

Member power, channelled through unions and MNTs has made a huge difference to our pensions landscape and I was proud that First Actuarial have been at the heart of positive change.

Pension reform comes from right and left

Baroness Ros Altmann brought the conference to a close, talking of her role from Myners to today, in championing those deprived of proper pensions by pensions injustice.

She got some tough questions from the audience , some of who considered it was the unions not here who had created a proper Financial Assistance Scheme. Her retort was clinical “where were the unions when we took a Labour Government to court?”

By coincidence, delegates not at the party were able to watch the first screening of ITV’s documentary that very night

On a less serious note, she revealed that by happy coincidence she will be on holiday in Spain on June 1st. The audience was asked

“has anyone got a spare for the Baronness?”

Celebrating a proper pension consultancy

It’s been fifteen years since nine actuaries set up First Actuarial. It is now in the top ten pension consultancies in the country.

First Actuarial came of age yesterday and the mood of celebration was maintained deep into the night as clients and consultants partied in the RSA Clubhouse basement.

It was a great day, made better by the RSA and best by the massive audience of trustees , and employers who celebrated with us!

Thanks to the people who made this happen- especially Mark Riches, Kate Vickerstaff, Tim Jones and Lisa Orange. Thanks to Mobius, Locktons, Aviva and PIRC for livening up our coffee breaks- most of all thanks to our guests who were FABI !

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Mark Riches

About henry tapper

Founder of the Pension PlayPen,, partner of Stella, father of Olly . I am the Pension Plowman
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