It’s being billed – “the battle of the Steves”. There are two visions for workplace pensions out there and this morning’s Pension PlayPen will see Steve Webb and Groves’ clash.
Steve Webb argues for continuity and for employer chosen pensions to attract past pots magnetically.
Steve Groves argues for a more radical retail solution, where choice rests with savers and where the employer is no more than a facilitator.
These contrary visions have seen the majority of the pensions industry side with tradition and Webb, while a vocal minority, led by Tom McPhail and Steve Groves, have argued that people’s pot is their and not their bosses’ business
The magnetic pension show
Steve Webb’s magnetic pension show , premiered at the LCP conference last week ,has been kicking up a storm ever since. Now you have a chance to hear Steve’s talk and be a part of the debate.
This extraordinary chart shows runaway growth in “deferred” pension pots that people have stopped paying into, usually when changing jobs. It’s a clear indication of why my colleague @stevewebb1‘s “magnetic pensions” solution is an idea whose time has comehttps://t.co/tjtMtApWiN pic.twitter.com/TDQ78d87Nd
— stuart mcdonald (@ActuaryByDay) April 20, 2024
If you can’t see the practical issues with this you shouldn’t be anywhere near deciding what to do with other people’s pensions
None of the questions in the paper are the right ones 🙄. I’d hazard a guess @PensionsMonkey would get the two big ones straight away. https://t.co/b1dTiAoIW1
— Steve Groves (@Sjg3G) April 19, 2024
Not quite sure who you are insulting Steve! I am promoting Steve appearing at @pensionplaypen1 not endorsing the LCP paper. Can we turn down the volume- my elderly ears are ringing!
— Henry Tapper (@henryhtapper) April 19, 2024
I will take a look at the paper; at first glance it appears to be pot follows member just with a different name; if so, then all the arguments against that discredited approach still apply. Will read properly later
— Tom McPhail (@PensionsMonkey) April 19, 2024
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