And they call my pension “personal”? Calling time on the life company hegemony of DC pensions.

Nico Aspinall


This article is available online here and is re-published with permission of Nico Aspinall , it’s author.


I think this one of the best DC papers shared in 2022.

Because of it, I have started to question why my workplace pension is managed as it is.

The majority of my money is managed on a life company platform, , the minority of my money is managed on a custody platform. The Life Company money is in pooled funds , most of my money on the custodial platform is in segregated funds.

I did not have a choice about my provider, both my workplace pensions were chosen for me by my employer.

I am now expecting to find ways to influence the trustees of one of my pensions to provide me with the opportunity to express an interest in the stewardship of the companies into which I am investing. I am in a position to speak to the IGC of another about how I can do the same, when there is a life platform and pooled fund and  reinsurance wrapper between me and my money (and they call my pension “personal”)

So why is so little explained?

Even an industry expert , as I am supposed to be, is blindsided by developments in the way my money is managed.

There is so little opportunity for any member of a large master trust to engage with those who fund the scheme’s operation and take decisions on how our money is invested.

So let’s thank Nico Aspinall for briefing us on what is happening, and let us hope that the workplace pension schemes which we are in , can find a way to keep us on top of how the money we have invested for the future , is being managed.


About henry tapper

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