From a frequent commentator on this blog, this is “For the Many”.

I am sure he will not get over-stressed if I remind myself of a different era of Labour thinking- one his blog wonderfully represents!

Change MUST and can only come from the Minister/ Gov’t.

Until recently pensions was a league 2 appointment, and DWP lacking direction meekly succumbed to the persistent lobbying and lexicon of the heavily resourced Insurers.

Thus we’ve ended up with a truly truly awful system for workers/members, where:
– fully loaded DB schemes are shipped off to insurers, preventing any of the excess funding being used to proved better inflation protection
– workers get AE on minimum rates and where they need to live with all of the risk, and on an individual basis
– insurers are getting paid for scale (hence consolidation), and they run away from responsibility, performance and active investment
– our system (DC and DB), unlike other advance systems, provide very little to galvanise the UK economy,

One does despair. Could we actually have designed a system that is any more provider friendly, dumps all the risk on the worker, delivers so little for the economy, all while generating risk free annuity streams and super profits for the providers….!

And all being allowed to persist under a labour Govt. Come on Minister – what are your beliefs ?