Category Archives: advice gap
“Shape up or shape out” – DWP give small DC schemes one year’s notice
It is not acceptable for savers to be enrolled in arrangements that do not deliver value in terms of costs, investment returns or secure and resilient governance. Government would expect trustees acting in the best interests of their members … Continue reading
Posted in advice gap, age wage, DWP, pensions, Pensions Regulator
Tagged dc, DC DWP Pension, DWP, Guy Opperman, TCFD, TPR, VFM
1 Comment
Weathering the Storm
Iain Clacher & Con Keating As part of our Funding Code research, we searched for academic or practitioner papers covering long-term expected returns forecasts. We were particularly interested in the ex post accuracy of these forecasts. We found none which … Continue reading
Posted in actuaries, advice gap, age wage, pension genome, pensions, risk
Tagged #USS, CETV, DB transfers, ppf, Ralph nader, USS
2 Comments
Savers are denied the right to check their pension statements
Although it feels like winning, this has been a tough few weeks for me and my team as we struggle to get nearly 600 Data Requests sent to pension providers. These have been entrusted to us via Letters of Authority … Continue reading
Posted in advice gap, age wage
Tagged FCA, GDPR, Jerry Schlichter, MAS, TPAS, treating customers fairly
3 Comments
Why I don’t support LCP and Royal London’s calls to boost DB transfer advice
LCP and Royal London jointly presented to an audience of 300 industry professionals yesterday on the vexed topic of “helping members get transfer advice”. The webinar can be watched here and as you’d expect from these organisations, this was … Continue reading
Posted in advice gap, age wage
Tagged #pensions, CETV, DB transfers, Pension Freedoms, Pensions
5 Comments
Philip Bennett’s DB funding code response
Given that the future is unknowable (and particularly over very long time horizons), it is poor regulation to encourage all DB Schemes to adopt similar investment strategies (herding). Continue reading
Posted in advice gap, age wage, pensions, Pensions Regulator
Tagged Consultation, DB funding, Pensions, Philip Bennett, TPR
4 Comments
Jon Spain’s submission on DB Funding
Although people have been living far longer than used to be the case, the financial assumptions are generally far more significant than the demographic assumptions.
If, as appears to be the case, we can’t get simple things right, why should we think we can tackle complex stuff successfully? Continue reading
Posted in actuaries, advice gap, pensions
Tagged DB Funding Code, DWP, Jon Spain, Submission, TPR
6 Comments
BONFIRE. Keating and Clacher conclude their articles on the DB funding code
We began this series of blogs and articles with a call for a bonfire of regulation; at the very least we should start with this proposed Funding Code. Continue reading
Posted in actuaries, advice gap, pensions
Tagged Con Keating, DB, defined benefit, Iain Clacher, music, pensions, TPR
2 Comments
Has our attitude to wealth changed with Covid or with Brexit?
COVID may be the excuse, but the political swing occasioned by Brexit is what may drive change. Continue reading
Why your pension records – like your medicals – should be yours by right
This blog sets out for the first time a fundamental right of the retirement saver, a right to see their pension record in a digitally readable format. Continue reading
Posted in accountants, advice gap, age wage, DWP, pensions
Tagged AgeWage, pensions, Record Keeping, records
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Pension scams reported at just £10m a year?
The truth is that the FCA do not have a number for the amount that leaks out of the system through dodgy advice. The resources at their disposal to stop scamming are so small that they cannot even report on the proper size of the problem. Continue reading
Posted in advice gap, age wage, Blogging, pensions
Tagged action fraud, Clive Tildersely, FCA, pensions, scams
4 Comments