The VFM pensions podcast has Jamie Fiveash , UK CEO of Smart Pensions as a guest this week. These podcasts are typically 80 minutes long, a bit like the Church service (though the Methodists offer no less!). This podcast occupied a Saturday afternoon which would otherwise have been spent listening to Yeovil losing 4-0 at Rochdale (or happier news at Bournemouth). But to the matter in hand.
I am pleased for Jamie who left school at 15 and rose to where he is by being a dead honest guy, principally at People’s Pension and now at Smart. He has made a job of hiring VFM’s Darren Smart and the mutual respect shows through.
I listen to these episodes while doing something valuable. Yesterday I was visiting my local art gallery, here is my walk back home by way of my mobile phone. Those of us in our mid sixties are interested in the setting of the sun
A pleasant walk back from my local gallery
— Henry Tapper (@henrytapper.bsky.social) January 26, 2025 at 5:49 AM
About ten minutes in, Jamie is asked what he thinks the challenge is for Smart and other schemes. I was surprised and delighted to hear the CEO say that it was the problem people have with what Jamie called “decumulation”. I did listen to the end to get some help with what that meant but Jamie wasn’t too forthcoming. In one hour and eight minutes we got quite a lot about VFM, Scale and investment strategies but not much about how folk like me can turn my pot into a pension.
I am not overly fussed from a personal point as I don’t have my money with Smart , but I was interested to know more about the “behavioural” examination that Smart would offer those considering retirement with a Smart Pot
Clearly Smart want to be able to dish out “advice” but can’t. I hope that they can get artificial advisers offering artificial investment solutions with first class intelligence.
Jamie himself is , we learn, someone who has a DB pension, perhaps from his first job as a clerk at Barclays Bank. Jamie admits to not looking at what he’s getting. By comparison, the lot of those facing the mysterious pots (illustrated before) will need to enter the mystical world that surrounds that pot.
Jamie is worried that too many of his members are failing to properly engage with “decumulation” and are taking their pot and living off the feeble returns they get from their bank or building society (including Barclays). Rather than getting a pension from Smart they are going elswehere.
I too think this a shame. People who’ve saved into a master trust pension have every right to be taken care of as Jamie expects to be when his Defined Benefit pays out. I am doubtful that technology will do any better to inspire ordinary people to make the right decision, it has failed me so far. But I want to be beaten to it by what Smart are doing.
If Smart have a way to help me retire in a sensible way, I will retire and I’ll move my cash to them.
In any case, I know Jamie is a decent bloke. I’ve had a nice lunch with him (you owe me Jamie!) and I’ve had a couple of chats about ways to turn pots to pensions.
I heard from Nico and Darren that Smart people will be listening to the podcast and perhaps they will be reading this blog. Keep me in the loop, I’m sure there’s a nice restaurant in Paddington.
