John Hamilton (with the camera) and me (a little worried) spent Tuesday through Thursday this week either at his flat, the Conference or eating out.  This is the wonky perspective of a blogger who is very grateful for sponsoring me (freelance journalist) and Sophie (a new starter to pensions) and John (Chair of Trustees) to bring this event to you.

The numbers were up, the exhibition was bigger and the quality of the sessions improved from previous years.

Whether you think him an arrogant wannabe Prime Minister or someone who understands the need for pensions to step up and make a difference, Torsten Bell set the tone for the event. I see him as arrogant ambitious and right in requiring a change.

If I was to pick up on one session it was that dominated by Karen Ward and chaired by John Chilman. It was entitled “Stabilising Investment in Times of Instability” and it will be properly reviewed when I have time.  As one Chair of Trustees said to me, this is exactly what pensions need to hear, I was pleased to see her and Mary McDonald of the FT conversing later, we need to have her view and that of John Hamilton, Peter Cameron-Brown of UKAS and other successful managers like Colin Hately of AB foods. All three have huge surpluses as a result of not blowing assets on LDI in late 2022.

There is a strong will amongst such people and many others at this conference to see DB play a part in Britain’s necessary growth. Without this growth we have no future. I was disappointed that Fraser Nelson (Conference dinner) was allowed to present our nation as in good shape, it may be for Spectator readers but it is not for millions fed up with being subject to austerity and now facing the reality of retirement saving but no private pension

Let us turn to DC, where the Conference was a little feeble. There was a lot of talk amongst pension scheme managers and trustees about the increasing disquiet of “savers” who thought they were saving for a pension from work (workplace pensions) but find they are in some decumulation process that they don’t understand. I know, I am one. I am one with one of the insurers and next week will be seeing them and the Chair of its Master Trusts. Employers are not happy with what is being offered and are demanding that pensions are available. Watch out , more is required.

What is new about the PLSA? Answer politics and growth

I have made it clear to Emma Douglas that this conference was dominated by former conservative politicians, put aside Gregg McClymont we had Haig speaking , Opperman in the hall and a plethora of Spectator journalists. The one session featuring Torsten Bell answering questions changed the politics of this event, for me and for those I spoke to, we were and are in a new time when the option to remain as we were over the past 20 years is no longer available.

The growth that is needed can most easily come from DB, necessarily the £400bn LGPS is at the front of the queue for delivering growth to society, but close behind it are open schemes that include Railpen and USS. And The PPF is renewing itself by speaking alongside other schemes with an open attitude. Shalin Bhagwan is clearly intending to make the PPF a part of the growth we need.

Everywhere I looked I bumped into employers like Church of England asking for help to set up CDCs that their staff could join to get a part of the economic miracle that Frank Field described our private pension wonder, in the previous century.

And what I did not hear was any enthusiasm for the alternative, the sad and limiting vision put forward by insurers for whom the motto is “take risk off the table”. Insurers with their bulk annuities and their limiting visions for “DC decumulation” are still in control of large parts of the media and indeed this conference but I did not hear much enthusiasm for them. I went to a Willis Towers Watson early evening drinks to sense the mood of those who were looking for an end game. There were plenty of sellers but not many buyers. It was like the recent victory party for the Democrats , the one that didn’t have much enthusiasm when the results came through. I did not hear much enthusiasm for the end game from Torsten Bell.

And finally..

My happiest miracles of the event were about meeting Nausicaa Delfas and her new team and speaking to people who want to help and be helped. Likewise to meet old friends from the Treasury and DWP as well as the inspiring Sacha from the FCA.

And my biggest thanks to John Hamilton for putting me up in his old flat and to the PLSA for my scholarship and for my colleague.

I spoke with Jonathan Poll (now at Insight) and he reminded me that our first such conference was in 1995, 30 years ago. That will always be my favorite for opening the door to pensions but this was the best.

Congratulations PLSA, you got this right.