This is PLSA Investment Conference 2025. I have nothing against any of the three individuals and am actually very fond of Emma Douglas and Nausicaa Delfas. But I am not happy with the circumstances that brought these people together.
The circumstances are a talk, late at night, to a boozed up Conference audience less a boat load of delegates that had been bussed off for a private affair. What Nelson Fraser had to offer was a view of Britain that compared it favourably to other nations. Arguments were based on high immigration and a peaceful population.
This contrasted with the very different view of Britain painted by the pension minister the day before which was of Britain going bust if it did not grow, this morning Britain’s Domestic Product was announced was down in January. We are not in a good place.
What Fraser Nelson was doing talking to us I do not know but I did not clap at the end of his talk, nor did many at my table. We looked mystified that the subject was being discussed at 10 pm and that we could be congratulating each other on our good fortune. My experience of living in Britain is not good at present. It is not the experience of most people. This is what the Minister said
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 2025 is that Britain must change and our pension system must change with it. We need to adapt to deliver growth.
The bad reality that we are in and the choices that face us have been debated on this blog and were debated in Edinburgh,
At a section run by Justin Way of the PLSA, John Hamilton (Stagecoach) , Shalin Bhagwan (PPF) and Richard Williams (of USS) spelt out how we could move to a more productive society. All three schemes invests for the future, all have money in their surpluses to give more back to society and to members. They are restricted in investing in a way that could revive Britain but they are schemes that achieve more than most.
These fine schemes are a rarity these days as the draw-bridge is pulled up behind many of our great pension schemes so that the profits that could be invested in better societies and better members , is being used to line the pockets of insurers and overseas reinsurers.
It is important that our leaders, the CEO of the Pensions Regulator and the Chair of the PLSA are not getting caught up in the fluffy world of 2004 or the world created by the imagination of Fraser Nelson.
Maybe I am sounding like someone who doesn’t drink and should do. Maybe I should get excited by Nelson Fraser’s view of Britain as a nice place to be. But I’m not.
Instead, I am staying sober and siding with those who are fixing my eye on a world in 10 and 15 years which is called Great Britain not something else.
Read the book , go out and do it , don’t be a Spectator
Please read the wonderful comment by Derek Scott – available below.