I had meant to go to Harrogate for a DB conference with ~professional Pensions but while I wait for medical treatment I’ve been advised not to do day trips to Yorkshire, I made my apologies and having a hole in my diary , took up an invitation to “Retirement Matters” organised by Owen James at the Royal College of Physicians in Regents Park. It turned out to be an inspired choice!

This was a day spent mainly with IFAs listening to their views on pensions. I had worried we would only be talking about pensions as capital (and especially about inheritance tax). While this did come up, much more was about pensions as retirement income, lifetime income for savers and protection for the family if dependents were left behind.

There was some collective discussion; we had a discussion early about the pension scheme bill and most tellingly, when asked what the point of reform was, Helen Forrest Hall said in a simple phrase “better pensions”. Much of the day’s discussion was how IFAs , such as Tavistock can reach hundreds of thousands of savers with education. The answer coming back was “targeted support”, TISA in particular arguing for the need for collective delivery,

David Pitt- Watson was speaking for CDC which he positioned as a collective answer to drawdown, or was it an investment solution to the impossibility of defined benefit pensions?

It was good to meet the host and to hear about Owen James, anyone building bridges between IFAs and collective pensions is good news, it has been a long time since I found myself in this space and I realised how responsible the work of financial planners is. Discussion on “vulnerability”, on the need for guaranteed income (annuities in this environment) and of a Government looking for a way to implement the vision of the Pension Bill all featured. Andy Seed was a good host. An old friend who I have not seen for many years.

Louise Davey now at the Trustee Firm IGG showed just what a loss she is to the TPR, her good sense and measured delivery was a highlight of the afternoon. She and I had a discussion on a subject that I will come back to, her DC pot has been swapped for Government backed defined benefit. David Walmsley and I have had recent discussion on the ability of public sector pensions to be used as a place for deferred pensions to be obtained in exchange of a DC pot. My team is working on a value for money calculation that can be used by civil servants, teachers, NHS workers and LGPS members to make the decision easier. This is where targeted support can be most helpful. Sadly not all of us can be as knowledgeable and have access to good information and support as Louise.

It was a fine day, the Royal College of Physicians was bathed in autumn sunshine, the delegates had an opportunity to discuss and build relationships. It was fine to meet Mr Robert Reid of Syntaxis, just one of many IFAs I have much time for. I realised that this group of people are bringing to the discussion about “Retirement Matters”. I missed visiting Harrogate but found myself seeing pension in a different way and I have much work to do with old friends and new.

Thank you Owen James.