
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
Hi Mark Riches introduces First Actuarial’s first client conference to a packed room. #firstconf pic.twitter.com/6DwBfwnU54
— First Actuarial (@FirstActuarial) 9 May 2019
At the heart of what we are about is a quite different attitude to risk
See Hilary Salt’s article on risk in Contingencies magazine:https://t.co/g6xI35kp3s#firstconf
— First Actuarial (@FirstActuarial) 9 May 2019
Hilary Salt contribution on risk was the central contribution of the conference
@RedActuary does not see risk as a negative- believing in the power of human agency #firstconf @FirstActuarial pic.twitter.com/kgBGD217U2
— Pension Plowman (@henryhtapper) 9 May 2019
The Regulator spoke through David Fairs,

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.
Post by @david_fairs on the TPR blog makes similar points as the keynote speech at #firstconfhttps://t.co/xfNYV3akKO
— First Actuarial (@FirstActuarial) 9 May 2019
Spookily, the Pensions Regulator also published its new funding framework soon after. I said it was an awesome day
NEW: The Pensions Regulator has set out its plans for a clearer DB funding framework, including it sees as a suitable Long Term Objective.
More to follow:
1/
— Josephine Cumbo (@JosephineCumbo) 9 May 2019
Getting technical
@BuchananDuncan answering audience questions on #gmpequalisation. #firstconf pic.twitter.com/xNLxM5bbz0
— First Actuarial (@FirstActuarial) 9 May 2019
Duncan Buchanan and Wendy Hancock talked us through GMP Equalisations by comparing Jeremy Corbyn and Theresa May’s entitlements.
If you’re going to talk GMP equalisation- make sure this woman’s in the room . #firstconf @FirstActuarial #technical #genius pic.twitter.com/0E0oe7Zmdm
— Pension Plowman (@henryhtapper) 9 May 2019
Points were made plainly
“The man who told employers that NI rebates would more than compensate employers for the cost of GMPs was a liar”. Duncan Buchanan oh @HoganLovells tells it like it is @FirstActuarial #firstconf
— Pension Plowman (@henryhtapper) 9 May 2019
There was a lighter side to this technical discussion
‘Male members may require an uplift in retirement” says Wendy Hancock. This seems to be taking the conversation beyond #gmpequalisation #firstconf @FirstActuarial
— Pension Plowman (@henryhtapper) 9 May 2019
Thinking harder
The technical session was challenging, what followed after the break was inspirational.
@RSAMatthew welcomes #firstconf attendees to the resplendent RSA House in London and has one or two things to say about #pensions! pic.twitter.com/bEvoRXwHOt
— First Actuarial (@FirstActuarial) 9 May 2019
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.
@Sam_Marsh101 gives #firstconf “I naively believed that the truth was somewhere in the middle” #USS #firstconf @FirstActuarial pic.twitter.com/1sruLJrR5U
— Pension Plowman (@henryhtapper) 9 May 2019
As Sam was speaking, the USS published its new proposals for the 2018 USS valuation (spookier still)
See @ucu‘s statement on #USS‘s response to the valuation:https://t.co/74mrvn8aef
— Michael Otsuka (@MikeOtsuka) May 9, 2019
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
Report by First Actuarial in 2014 on the USS pension scheme as referenced by @Sam_Marsh101 available here:https://t.co/EK3BOPgBMY #firstconf
— First Actuarial (@FirstActuarial) 9 May 2019
And he made it clear that “de-risking” in the coinage of pensions is anything but
@Sam_Marsh101 on the effect of de-risking on the #uss university pension scheme. #firstconf. pic.twitter.com/gX0hiNYE4r
— First Actuarial (@FirstActuarial) 9 May 2019
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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.
Terry Pullinger pulls no punches when it comes to inter-generational unfairness. #firstconf pic.twitter.com/PftyP8QcFX
— First Actuarial (@FirstActuarial) 9 May 2019
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.
@RosAltmann in conversation with @henryhtapper at #firstconf. #pensions pic.twitter.com/MmyJP2pDUQ
— First Actuarial (@FirstActuarial) 9 May 2019
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
Baroness @rosaltmann has spent the last two decades helping shape the Government’s pension policies. Tune in to #ITVTonight to see her guidelines and tips on pension planning.@Joe_Crowley‘s report ‘Pensions: Are You Saving Enough?’ is on @ITV at 7:30pm. pic.twitter.com/ABB060T7D2
— Tonight (@ITVTonight) May 9, 2019
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 !

Mark Riches