This is an interesting post from Joe Dabrowski formerly of Pensions UK now of Smart. I was surprised when I went to the Edinburgh Investment Conference that there was not one session devoted to the work pension CDC that is available – rather than one that might be here in a couple of years (Retirement CDC that suits master trusts.)
I had wondered if Pensions UK had a memory loss of what the Government launched on October 22nd 2025. Sadly, it looks as if it is in the morass of Ralfean myth.
You may get past a few fervent “likers” but not Derek Scott, who responds to Joe
Chris Blackwood of Border and Coast backs up Derek though he’s fair to Joe!
This is not the end of the pensions banter between two of the top players in pensions over the past 30 years.
And at the end, the dagger is plunged into Joe’s argument for DC’s Guided Retirement Path (GDP). The mouse will get away and the cat will have to try again, in another episode!
I would rather Derek Scott and Chris Blackwood’s grudging interest than the Pensions UK’s ignorance of CDC (I mean them ignoring and being ignorant of CDC).
I hope that Smart will be taking CDC’s multi-employer workplace pension – a little more seriously than Pensions UK have done (so far)!
I’m really not sure at all what is the purpose of Pension UK?
I’ve given up being disappointed by its group think and absence of system wide thinking. The recent conference ignored CDC and DB run on.
Seems their role is to support or to try to interpret what the Insurers or Govt are peddling
A Chair from Insurer background was like asking the fox to guard the chickens. Not that the fox is intrinsically ‘bad’ – it’s just being a fox.
Things that genuinely would benefit workers and members (eg CDC or DB run with member upside) seem to get short changed as they do not suit the commercial interest of Insurers. And they’ve swallowed the IA mantra of only solving ‘adequacy’ through higher contributions and higher fees. The only certain winners from that are asset gatherers.
I guess part of the problem with Pensions UK is an absence of genuine member representation (and let’s accept that does not include ‘professional’ trustees!). Perhaps half of its board and committees should be filled with union reps, and that should look to others apart from the ABI/IA for CPD?
Let’s be honest, UK pension provision, once an envy, is a mess after 20 odd years of NAPF/PLSA group think.
We can do better.