Edi Truell has more reasons than most to back the Mansion House reforms. Through his investment vehicle – Disruptive Capital – he is offering an investment trust known as “Long Term Assets” . As the founder and funder of the Pension SuperFund, he anticipates revised regulations from the Pensions Regulator so that he can offer an alternative to bulk annuities for trustees and employers looking for an endgame.
If anyone should champion the Government’ proposed reforms – it is Edi Truell.
Truell has consistently been the catalyst for change. Having set up Pension Insurance Corporation and initiated the LGPS fund pools, his influence pervades the current pensions landscape. He has been a fierce critic of regulatory atrophy that saw the 2018 consultation on DB funding buried , all this changed on July 11th when the DWP followed up Jeremy Hunt’s speech with a raft of policy papers aimed at giving us better pensions invested more productively.
On Tuesday he will tell us why he sees the Mansion House reforms as marking a new kind of pension regulation with “growth” as a its guiding principle. Truell sees the Pensions Regulator as energised by the DWP and by its new CEO , to ensure “growth” translates into better pensions.
This is likely to be lively and provocative; Truell has described TPR as “on the warpath”.
Pension Superfunds have been challenged by Helen Thomas in the FT. I will be putting her issues with his approach to Edi and Luke.
Here are some of the questions we’ve had sent in
- Can you clear up what we mean by Superfund? Public sector consolidator (PPF), Tony Blair Institute – omni consolidator or commercial consolidator?
- Are superfund investment strategies putting reviving the economy/conservatives before helping the member?
- Are superfunds a poor man’s buy-out, using pension regs to provide second-rate member security?
- Helen Thomas says the BOE wanted superfunds to be a stepping stone to buy-out – is that what you want from PSF?
- Why haven’t you got approval for PSF ?
- If all a superfunds needs is approval – Why hasn’t Clara done any deals
- With improvements in funding, is there still a market for you?
- What do you think of the idea of a gateway that excludes well funded scheme from using a superfund?
- Are the Mansion House reforms simply giving you a chance to take more risk at the expense of members and the PPF?
- Why should trustees take more risk – what would make them want to do so?
Today, the Pension PlayPen is going to have a specially extended coffee morning that will start at 10am (note not the usual 10.30am). Edi and his colleague Luke Webster will be with us till 11 am, for those who have a space blocked out – there will be a chance for an informal discussion of what has been said – till 11.30am
Luke Webster
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