There were three plenaries on the middle day of the Pension UK conference. A debate and a panel session book casing the Pension Minister’s irascible follow up to his speech in the Spring to the PLSA.

First Bell joshing with Zoe Alexander

Bell joshing with Alexander

Zoe Alexander chaired and the Minister turned up on time. From the moment when Zoe got here “elected and appointed” mixed  up, having Torsten appointed an MP you could see the hair on the back of Bell’s neck rising! A succession of mentions of PLSA’s and now Pension UK’s demand for mandated AE contributions to rise to 12% was met with taunts from the Minister, not just at Zoe but us all that we would have the right to make ever more money without delivering the one promise of a pension- a retirement income that lasted till deathtime.

I was sitting in a little group with Tom McPhail and Peter Cameron Brown, and Julian Lines , one said that listening to Bell was like reading my blogs. Thanks for the compliments but I’ve been going to see Bell for some time and I hope some of his ideas have rubbed off. They certainly don’t seem to have caught on. At the dinner later Emma Douglas (Pension UK Chair) asked us not to spend supper discussing pensions – one wag shouted out “so we should talk about DC then“.

Bell had one initiative to announce, a consultation on whether pensions are becoming too predictable in the implementation of ideas due to the ever contracting numbers of trustees and the increasing commerciality of trustee firms. He was asked whether he knew the answer to the questions it would ask and he laughed off the taunt claiming he was genuinely interested in other’s views. Maybe, but I suspect that more change is on its way and if it is change that allows trustees to act on their initiative rather than group think, then good. We all know where pension money goes if private equity is involved to the exclusivity of the member – especially in the DB end-game.

Next Cumbo jousting with Will Hutton – the debate with no poll!

The early jousts were won by Hutton, I posted on the question page of the app I couldn’t see anyone disagreeing with him. But Jo is tough, immutable and determined and she came back as the debate carried on.

For Jo, the right of the trustee to invest as they choose is critical and the backstop of mandation – even if no more than a threat is the issue. For Hutton, the need to get the country back on its feet (as the Government sees best) surmounts the needs of trustees to be their own men or women.

This debate has been rolling on for some time, it came back when Torsten was being asked questions later and it seems to be a diverter from implementing the good ideas of the Pension Schemes Bill as the Pension Commission’s 18 month journey towards the end of the lane (sorry end of this Government).

It was enjoyable mainly because of Gregg McClymont and the interventions of former Minister – Steve Webb. You cannot take the politicians out of these debates, the jousting needed more brutality and it got it. Though the app has scope for a poll, we  the audience had none, a great omission, I was sitting next to Mary MacDougall (Cumbo’s successor) and she was mightily put out to have something that objective to report.

Charlotte Clark (FCA) , Nausicaa Delfas (TPR) and Kerstin Parker (DWP) – regulators laze.

The hall could have been rather emptied by the meeting being between 5-6pm (and Hymans, State St, Clara and others offering drinks starting at 5pm) . Torsten Bell had told us that we had a pension vocation and despite the blandishments , the room still looked pretty full and I, arriving late, had to sit in the front row. It made for some odd photos revealing how the projected image (above) lags the real time photo (below).

I asked an open question about what the three graces indented to do to implement legislation and regulation to make sure we have superfunds, CDC, a dashboard and a regulatory system that  moves on from the end game mentality.

I hope i spoke for more than myself in reminding public servants that their main function is to deliver pensions and following the implementation of a Pension Schemes Act, it will be to ensure that people feel that their workplace pension is something they can opt out of but by default – is something they will get.

There were good things said by Charlotte Clark in particular about Targeted Support and I have no doubt the intention is there, but now is the time to show seriousness of intent and not congratulate each other from as yet unachieved success.

A good day to be remembered for a joust, a josh and a laze by our leaders in thoughts and action. Will Hutton, Jo Cumbo, Torsten Bell, Kerstin Parker, Charlotte Clark and  Nausicaa Delfas – thank you.

Torsten Bell