Author Archives: henry tapper

About henry tapper

Founder of the Pension PlayPen, Director of First Actuarial, partner of Stella, father of Olly . I am the Pension Plowman

Over-consulting ; not a victimless crime!


I was “distressed” to read of a new way of extracting fees from the sponsors of DC pensions, the value for money review/assessment. http://tinyurl.com/ju4ppnp Ok – I wasn’t distressed – I was cross! Value for Money is not as complicated … Continue reading

Posted in actuaries, advice gap, pensions | Tagged , , , , | 3 Comments

We don’t believe in “experts” anymore


The phrase in the title is a favourite of my boss – Hilary Salt – if you read this on holiday in California –   Nothing convinces me more that experts are not to be trusted than my being called a … Continue reading

Posted in pensions | Tagged , , , , , , , , | 4 Comments

How can payroll bureaux profit from auto-enrolment?


I’ve recently been asked by the leading payroll trade publication to answer some questions. I’ve enjoyed thinking about them and have set out my answers below. I’m not a payroll manager and I don’t run a bureau – I’m not … Continue reading

Posted in accountants, auto-enrolment, Payroll, pensions | Tagged , , , , , , , | 1 Comment

Plugging phoney deficits does no good!


We have become fixated with phoney pension deficits, now a British pension consultancy is suggesting we can plug phoney deficits with real money, the dividends that support “other people’s pensions. This is what we think of the phoney deficits. Our … Continue reading

Posted in accountants, actuaries, pensions | Tagged , , , , , | 4 Comments

“Bill it to the fund”- why the TTF calls for full disclosure.


(Brief)case study I didn’t quite know what the smart gentleman meant when he offered me a drink in a first class carriage coming down from Manchester. “It’s ok – we’re billing to the fund”. Then it dawned on me, the … Continue reading

Posted in pensions | Tagged , , , , , | 6 Comments

FABI says “no no” to the deficit yo-yo!


The First Actuarial Best-estimate Index (FABI) continues on a more predictable flight. An actuary speaks! Rob Hammond, who oversees the number crunching behind FABI says: “Yo-yo deficits do nothing to restore people’s confidence in their pensions. FABI paints a truer … Continue reading

Posted in actuaries, advice gap, pensions | Tagged , , , , , , | 2 Comments

FAKE NEWS – eroding the credibility of pensions.


“Yesterday I ran a blog complaining not about fake news but about misinformation accompanying the news. MOMENTUM – hang your head in shame! The news Momentum has is that the vast majority of people over 55 still don’t know when … Continue reading

Posted in pensions | Tagged , , , , , , , , , | 4 Comments

MOMENTUM – hang your head in shame!


The press release demonstrating how ignorant the public are about their retirement income is an instant crowd pleaser, guaranteed to get a place on the website of our trade press. Here’s an example. Same story, slightly different headlines. Here’s the text … Continue reading

Posted in pensions | Tagged , , , , | 2 Comments

“Sunspots” (Con Keating)


Although not at this week’s Pension PlayPen lunch, Con asked for an account of the conversation; I mentioned that those in the room were pleased that schemes owning large amounts of index-linked gilts, had enjoyed bumper returns last year. It … Continue reading

Posted in pensions | Tagged , , , , , , , | Leave a comment

Disrupt, produce, fulfil


  The words in the title came to us as following a lecture from senior American Derivatives Regulator Timothy Massad. I wouldn’t have gone had Chris Radford not asked me. Chris isn’t in financial service but has a keen and … Continue reading

Posted in pensions | 1 Comment