There are many people in this conference and in a wider world who wish a pensions commission upon us. They think that the work of the pensions commission of 2004 could be renewed and we could have more of the same.

The country’s in a hole and people aren’t happy . This is not a fluffy 2004 and we are not getting another pension commission. pic.twitter.com/9SfKDwKoV9

— Henry Tapper (@henryhtapper) March 11, 2025

The reality of the past twenty years is that Britain suffered a financial crisis and 12 years of austerity that ended in another crisis, this time of health. Since 2020 we have been recovering our physical health but we have not recovered our financial confidence.

People aren’t happy because they have no prospect of wealth going forward and where pension could have offered the prospect of a later life of comfort, it instead offers little that people understand. People have splintered entitlements to pots of money (if they are in private employment) and self-responsibility if they are self-employed or unemployed.

We have done something about the weakest financially, by underwriting a state pension and our pension minister made it clear that the triple lock is needed to provide those outside the pension system with a means to pay simple bills in later life. But between the lucky few, including those in the room to which Torsten Bell addressed his words, there is little but a lot of saving.

It was a point John Hamilton, Chair of Trustees of Britain’s biggest bus company asked questions

Tricky questions from John Hamilton “the CDC debate has come a long way” Bell complains John Hamilton’s had 2 questions(might be because he’s good Torsten) pic.twitter.com/3XDgsmTz2T

— Henry Tapper (@henryhtapper) March 11, 2025

As my tweet says, the Minister was surprised that one questioner had put two questions in the digital queue that asked real questions , rather than pleading for reviews of state pensions or auto-enrolment and “adequacy”.

I know John well enough that what ignites his questions is a disbelief that we have given up on the “economic miracle” that Frank Field described our funded pension system 25  years ago (he said it to me personally and to the many when he spoke).  I do not think we have given up on a vision that we had when I first came to NAPF conferences. But I think we have been put to sleep by the mantra of “de-risking”.

Bell in his talk to the packed hall yesterday in Edinburgh, made it clear that we need a vision which we can all have, of what pensions will look like in 10 or 20 years time. I will be 73 and 83 at those points and have no intention of stopping wanting more. Many of those reading may anticipate they will not be on the planet, at least as physical presences.

We owe it to the nation to agree what we want from the eco system in 10 and 20 years- says Pension Minister. #intellectual pic.twitter.com/MwBf5eI1Rp

— Henry Tapper (@henryhtapper) March 11, 2025

I know what I want. I want pensions to provide the economic miracle that inspired me last century.

There was little detail in Bell’s talk. Some targets for the timing of the Pensions Bill (summer 2025) and for LGPS to offer a reorganisation of its pool (a year after that). There was some compensation talk for those with pre 97 GMP’s (that have no indexation) and a few mentions of “decumulation” of pension pots.

Decumulation returns must be prioritised over addressing adequacy pic.twitter.com/9n1nO6oGlv

— Henry Tapper (@henryhtapper) March 11, 2025

Talking to people afterwards, there appeared to be shock that the Pensions Minister could be so blunt and quite so rude to his audience. The truth is that he was talking as he feels, and when he put himself in a trio with the Chancellor and the Prime Minister , it was clear that his aspirations are higher than what he is setting out to achieve with pensions

‘Speaking for me, the Chancellor and the Prime Minister” Bell has clear ambitions. pic.twitter.com/ODWcsNqQh5

— Henry Tapper (@henryhtapper) March 11, 2025

There are those in pensions, John Hamilton for instance who get the importance of the task ahead of us. The Pension Minister was asking people to consider the reality of our current situation and the fact that people are unhappy. The State Pension is doing something to address our craving for security and many public sector workers are building up decent pensions, but the reality is that the private pension market  is spoiled and hopelessly ill-organised.

I look forward to a Pensions Bill in the summer  that can be enacted as soon as possible. There are people I am speaking to at this conference who are not happy with the state we are leaving millions of savers and demanding a better way of turning these pots into pensions.

Torsten Bell, your dose of reality was worthwhile, now it must be followed by action not just by legislators and regulators but by the people you were addressing. I hope that we will get a little less criticism of the Minister’s arrogance and instead a recognition that we have a job to do, to set visions for 10 and 20 years and a plan to get us there.