I haven’t commented on the American presidential poll as information and misinformation have been so generally available. What I have posted are the odds surrounding the relative chances of the two candidates, the result has not been in doubt for some time and talk of “knife edges” has been “fake news”.

My business interests are in retirement and in particular what is going on, on our side of the pond. Britain , and the kind of politicians I respect, seem happy to embrace Joe Biden in a way they did not embrace Donald Trump.

Congratulations President-Elect @JoeBiden + VP @KamalaHarris 🇬🇧 🤝

Integrity, pragmatism, climate change acceptance, support for NATO + much more are back. Good news for the UK pic.twitter.com/xfc7eQk2o2

— Guy Opperman (@GuyOpperman) November 7, 2020

So what can we expect from Biden on retirement policy? Jo Cumbo produced three tweets in the wake of the announcement of his success in the poll to be president.

Reasons to be cheerful (1)

On retirement policy, the Democrats pledged to reject efforts to cut, privatise, or weaken Social Security, including raising the retirement age, diminishing benefits by cutting cost-of-living adjustments, or reducing
earned benefits. #USElection2020

— Josephine Cumbo (@JosephineCumbo) November 7, 2020

It is a surprise that in four years , the Trump administration had not done more in this space and a relief that American’s divided society will not be divided further by impending cuts.

Reasons to be cheerful (2)

Signficantly, the Democrats also pledged to reverse Trump Administration’s regulations allowing financial advisors to prioritise their interests over their clients’. Democrat reforms will see financial advisors legally obligated to put their client’s best interests first.

— Josephine Cumbo (@JosephineCumbo) November 7, 2020

I like the concept of “putting customers first”. It is simpler to understand and easier to understand than our version. Transparency the world over , is better for strong regulation on the conduct of advisers. Damage averted is still to be welcomed as a kind of “negative capability”.

Reasons to be cheerful (3)

Workers in the US currently get tax benefits when saving in defined-contribution plans, like the 401(k) plan. As it stands, the system is preferential to higher-earners, who receive a stronger tax break for saving. Biden has pledged to “equalize” these benefits. #USElection2020

— Josephine Cumbo (@JosephineCumbo) November 7, 2020

Let’s hope that Joe Biden has more success adjusting incentives to reward all equally than we have had in the UK. This precedent would be a good one for Britain to follow.

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As this article attests, Biden has a reputation for getting things done , not through bluster but through the skilled use of consensual politics. His win is a good thing for the world and as our Pension Minister points out – for the UK.

Joe Biden