“you don’t know what you’ve got till it’s gone”

Joni Mitchell’s famous line tells a truth. When it comes to pensions, most people have no idea of the value of their pension rights, which is why DB was taken away from us. DB has gone, they paved paradise and put up the DC parking lot.

Now we need to make the most of our pension saving and we can’t let yet more generations of savers miss out on the amazing deal offered by the UK pension system.

For me giving and getting “value” for money are critical to the relationship between a pension scheme and its members.

Yet , despite numerous attempts by regulators, there is still no consistency in the measurement of value.  While we now know much more about the costs of pensions, until we can agree how to measure the outcomes of all this saving we are doing, people will not be able to determine for themselves the value they’ve got from their money saved.

At last this issue is being addressed.

At some point over the next three months, the FCA will deliver its verdict on CP20/9, its consultation calling for a common definition of value for money. We hope the response will be made jointly with the Pensions Regulator so that we put an end to myth that “value for members” of occupational pension schemes , is different from “value for money” from contract based pensions. For the saver – value is value, money is money – whatever the technicalities.

And the very good news is that SG Pensions has decided to create a masterclass on Thursday May 13th, purely to look at this issue.

I’m a Member of the Advisory Board of SG Pensions Enterprise, alongside some of the leading asset owners, thought pioneers and influencers across the UK pensions industry.

Together, we have developed an initial series of three expert online Master classes, in May and June 2021, covering the themes of VFM, Climate Change and Pensions Consolidation.   These are designed as interactive, opinion-forming sessions for senior practitioners to debate candidly how we are approaching some of our toughest challenges.  I have been especially involved in the development of the VFM event and will be speaking on the programme.

Here it is

I strongly encourage my industry peers to register interest in attending.  Investment managers and relevant service providers may wish to seek a sponsorship invitation, in the powerful knowledge that programme content will reflect directly the greatest interests and needs of your institutional clients.

You can book your place here

And if you’re pining to hear “Big Yellow Taxi”, be my guest – this is advert free!