Yesterday was First Actuarial’s client conference in Covent Garden. I couldn’t go for all of it but what I went to was friendly and packed. There are over 500 people working for this firm, that’s three times what there were when I joined them in 2010 and twice the number when I left in 2019. They have opened offices in London and Birmingham thanks to Mr Alsop.
I asked Steve Simkins who he competed with at Isio, he replied “First Actuarial”.
The latest news on their website is stale, their webmaster can’t keep up!
Many of the Founders have retired or are retiring, Keith William in Basingstoke, Peter later in the year. Alan Smith has retired from running Peterborough and Hilary Salt is in politics rather than running Manchester. But the feel is the same and will be so long as the firm employs consultants like Derek Benstead and a bunch of partners all of whom are personal friends. I have never worked with a happier company in more than 40 years in pensions.
One question that was asked in the sessions I sat in on was from a client
“How much should I save to be comfortable in retirement”
I was sitting next to David Joy who whispered in my ear
“As a percentage half of your age”
If the Pensions Minister in part 2 of his inquiry into pensions wants to know the answer, he has it hear! David Joy was the originator of the Muppetometre, the means that First Actuarial found to stop clients paying too much tax when drawing down “pension” pots!
We had a session that compared buying out pensions with an insurer against running on in a superfund. The audience did not seem very enthusiastic of the chances of superfunds catching up (they are currently at 4 consolidations against a few hundred buy outs. We were encouraged by the news that Clara has recently completed a deal on a small DB scheme. Another whisper – “desperation”.
Not everything I heard, I liked – you can’t expect that from a consultancy that puts things simply and talks with conviction. My facial distortion at the observation that “insured buy-outs are the golden end-game” was observed and grinned at! But the thing about First Actuarial is that nothing is done without joy or Joy!
I was reminded of the artificial hedge that Basingstoke office put between me and the actuarial team so that I did not pollute their pure maths with my opinion. Peter Shelswell presented it to his partner Keith on his leaving to remind him of the actuarial supremacy in our long battle! I laughed then, I laugh now – First Actuarial makes you laugh and I laughed yesterday.
Thanks to them and well done, they do a great job and large sections of the DB market depend on them for standards.
We should save salary at a rate half of our age till we get there!
Putting humans first – https://firstactuarial.co.uk/flipbooks/client-survey-2023/
