This royal crisis is the moment to redefine Britain’s monarchy

Will Hutton is on about the monarchy

This royal crisis is the moment to redefine Britain’s monarchy

The arrest of Andrew Mountbatten-Windsor must be the trigger for a long-overdue reinvention

Prince Charles and Diana, Princess of Wales, with princes William and Harry on holiday in Majorca in 1987 with the Spanish royal family, King Juan Carlos I of Spain, Queen Sofia and their children, Elena, Cristina and Felipe.

It’s time the royal family got on their bikes

Images that chart the downfall of a prince who willingly sold his soul

European monarchies are hardy institutions, survivors of almost every calamity. Spain’s King Juan Carlos, for example, was forced to abdicate in 2014 over sexual infidelity and financial chicanery that should have overwhelmed him and his office. He now lives comfortably in Abu Dhabi while his son Felipe carries on the day-to-day functions of the Spanish monarchy. Monarchies have deep roots.

Despite the darkening mood of crisis enveloping the House of Windsor, there is good reason to suppose the British monarchy will similarly pull through – but profoundly changed. In fact, in the long run, the constitutional, political, social and cultural consequences could yet prove positive, setting Britain free from self-made chains against which even the royal family, some more than others, has chafed.

The now famous photograph of Andrew Mountbatten-Windsor’s haunted devastation last Thursday night leaving the Norfolk police station where he had been questioned all day betrayed the degree to which this notoriously bovine, entitled man recognised how far he had fallen. The deference he had expected as of natural right was all over for him – the trigger for the necessary reinvention of the institution he had so soiled.

For the monarchy – apex of our constitution and which legally still defines the public interest in our courts – is at once the best and worst of us. Elizabeth II, King Charles and Prince William believed and believe in duty and public service while trying to embody essential British decencies. Charles’s faith, kindness and tolerant embrace of all Britain’s diversity are evident. His and William’s use of soft power to further great causes – the environment or Ukraine – has been hard to fault. Yet simultaneously and inevitably they are standard bearers of the hereditary principle and the shadows it casts over our social structures. It could be vast ducal estates whose justification is long forgotten but which grow ever larger as a form of 21st-century feudalism – for which Sandringham and Balmoral offer a carapace of legitimacy. Or the conferring of a parallel legitimacy on private schools, with their promise of paid-for guaranteed social and economic advantage – where the royals’ kids are unthinkingly sent. It is the primacy of received pronunciation and Oxford English, the tones in which the king speaks and which we reflexively expect our leaders to echo. If they don’t they are subtly diminished; compare Keir Starmer’s flat tones to Tony Blair’s. All needs to change.

Britain is not going to become a republic. The crown’s roots are too deep

Equally, the defects of government have monarchical roots. The great constitutional radical Tom Paine could write in Rights of Man that William the Conqueror would recognise the British constitution 700 years later in 1791. Rights, he argued, are essentially dispensed not as essential rights, but as dispensations resulting from the act of conquer and Saxon defeat – with elected governments now dispensing them on the monarch’s behalf. Bewilderingly, the same critique is valid in 2026. Even now,British democracy has its particular monarchical characteristics – abundant insider executive discretion, with the people cast too frequently as petitioners.

Nor would the riddle of British government – strong with a weak centre – be a riddle for William I. The strong centre is surely provided by the king and privy council of conquering barons, he would have asserted, exercising their prerogative powers. The fiction is that ministers, constitutionally servants of the crown, are thus still coordinated. That this apparatus is now a vacuous shell matters: the defunct form obstructs the creation of something better – and is abused. Recall the three Tory privy councillors who convened a privy council meeting with Elizabeth II to prorogue parliament for five weeks at Boris Johnson’s behest in 2019.

Unless defeated in war or through some other cataclysm, Britain is not going to become a republic. The crown’s roots are too deep. Britain is likely to want to retain the crown as its titular, ceremonial head of state, with monarchical executive powers and lack of transparency stripped out, but with the Windsors soldiering on. The model will need to be much closer to more modest European monarchies, with Denmark’s a good example. There, the monarch exists to serve the people, rather than double up as the head of a feudal, aristocratic social structure. The Danes have no huge coronation ceremonies or Ruritanian state openings of parliament. The royal family’s income there is a fraction of our royal family’s and their affairs are more transparent. King Frederik and Queen Mary shop and cycle round Copenhagen, managing whatever security concerns, their kids go to state schools; he enjoys approval ratings of 84% to 87%. Danish society is much less divided and more cohesive than ours, for which the character of its monarch must be partly responsible.

Prince William certainly leans into this vision – a modern father. He will know that openness and accessibility are how the Spanish and Dutch monarchies have rehabilitated themselves after scandals. But whether he and Kate, dispatching their kids to a lavish even if local prep school, can spearhead such a transition is an open question. Coronation by acclamation as in Denmark rather than in Westminster Abbey? Live more like his people? The redefining of our monarchy is a crucial building block in any programme of national rejuvenation. A Labour government should surely see and work for this with popular support; nor is it a project that the country would entrust to the wayward hands of Reform. Imagine living in a country where the state schools were good enough for princes and princesses? Where achievement and wealth were won by what you did rather than by birth and who you knew? And whose democracy properly functioned even with a constitutional monarch? You may say I’m a dreamer – but I’m not the only one.

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The VFM framework – masterpiece of analysis – zero emotional thinking

David Butcher says his goodbye to his appearance this week, with his assessment of what the VFM Framework is doing

“It’s a masterpiece of analytic thinking but there is zero of emotional thinking in there”.

Having spent a morning watching freestyle skiing  and listening to David, I spent the afternoon out on a walk listening for 95 minutes to Darren and Nico trying to make sense of what Robin Ellison has called a “masterpiece of dross“.

It is a very good listen with Nico doing most of the talking and Nico tagging along with good humour. The trouble for Nico is that the VFM Framework exposes everything that has been wrong with the Framework when it was announced in 2017. It is not measuring a pension , the Framework measures the accumulation of money in the  remaining 12 commercial mastertrusts that matter.

A demonic punishment awaits the DC pension that falls foul of the performance measurement and, as Nico point out, a DC pension can fall foul and go red without doing anything wrong but take a position and show conviction. Nico reckons the answer will be the CIOs of the trusts looking over their shoulders to make sure they are in line with everyone else. The alternative will be last trust standing and Nico reckons the last trust will be Nest.

The lads decide they aren’t going to answer the 42 questions but instead ramble on in a very relaxed way about how DC schemes have been measured since the GPPs got into trouble with the Competition people in 2013. The measurement has been by the disclosed charges (though fund transactional costs and the costs of investment and contribution administration don’t get a look in.

I’m not sure after 95 minutes I’m any more clear about what employers let alone savers will get from the framework. Since individuals take all the risk of things going wrong (and pleasure from them going right) it would be nice if they knew how performance worked in terms of money in and money out. Kim Gubler had suggested this a couple of weeks back.

But here I find that Nico and Darren come to the end of a cul de sac. DC savings plans whether master trust, own occ trust or GPP are not pensions. The DWP reckon that CDC will provide up to 60% more pension which makes the question of VFM for DC pensions a bit redundant. CDC doesn’t get a mention in the 95 minutes and I did wait till the very end to make sure I didn’t miss a conversation about it.

Nico and Darren’s final view of the VFM Framework is that it has been made redundant by the Pension Schemes Bill that will demand of DC schemes “default” retirement income.  A quick search of my blogs takes me back to January 2017  at which point the FCA was pursuing IGCs for a consistent way of measuring their performance and service.

In the nine years since we have seen the two regulators and the DWP looking for ways to get a satisfactory way to impose a mandatory measurement since the IGCs could find no consistent way to assess (other than that value was good).

I agree with Nico and Darren’s view that the VFM Framework is of no value since this Government has demanded workplace savings evolve to pensions.

It is very hard to work out what good the VFM Framework will do . Well said Nico and Darren for calling it redundant. Well done Butcher for nailing the Framework’s shortfall in emotional thinking.

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The grafters should come before the grifters – the free leaseholders say.

If you don’t know the difference between the grifter and a grafter – read this blog

The consequence of the grifters getting ahead of the grafters is a collapse in leasehold re-sale prices.

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Do you use AI for retirement planning and could it ever replace human advice?

The FT is calling out for feedback on how people are getting on with AI in planning their retirement. I know Mary and her advanced bump so am sharing a link to her request which you can access and leave your comment using this sharing link.

Sharing link to leave your comment

If the link has run out, please drop me a line at henry@agewage.com. Here is what Mary is asking for and you can copy across the FT email  money@ft.com

 

There are some great comments on Mary’s request.

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Insights into a pensions sponsor substitution transaction – watch Aberdeen, Stagecoach Trustees with PWC

Iain Pearce is a smart consultant, Nick Chard a professional trustee and Rob Andrew an actuary who manages pensions at Aberdeen.  Together they did a great job for the Stagecoach Pensioners.

I’m pleased he is making sure the story of its transfer to Aberdeen is kept in the front of people’s minds!

You can watch the one hour discussion of the deal A video with fascinating insights is available by retrospectively signing up to the PWC seminar.

The link is here

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Nest and People’s Pension have £100bn of our money growing Britain and our retirement pay.

The money is rolling in and pots are swelling fast

People’s Pension (run by People’s Partnership) has hit £40bn and is on the same trajectory as Nest.

You may have noticed that between them, Nest and People’s Pension have £100bn of our savings.

There is a great opportunity for these organisations to invest their 20 million pots for growth. Nest has said that it will be introducing within the next 18 months a default for its users that will take them through to 85 (when they’ll find themselves in an annuity – insured by Rothsay).

Five years ago it was boasting that its money was invested around the world and pointing out to those who’d watch (only 147 watches ) that 4.4% of its money managed was invested in the UK. Back then the message was different than today.

Life  at People’s Pension’s and the Nest investment team is becoming more important. So is investment in the UK. This year, Mark Fawcett told us (I’m one) 13m Nest savers that our money was being directed more to the UK

I am bored by politicians and commentators arguing about mandation, the fact is that DC pensions are investing more in UK growth and I hope that all pensions will do the same, that includes DB schemes that choose to carry on and CDC schemes which are just starting out.

More than a fifth of that £60m invested by Nest is now invested in UK, that’s five times more as a slice of the cake than five years ago.

It is not just that we feel a little queasy about United States economic policy (hmm), it’s that we want our money to work for the UK. The UK stock market is outperforming America’s and we no longer have a currency that cannot keep up with the mighty dollar. These are incidental but do at least make us feel easier about investing in the growth of Britain.

I don’t want to sound jingoistic , I am not  right wing in my political views but I do think that the big funded pensions  at LGPS and USS can now be joined by Nest and People’s and not far behind them are other master trusts over £25bn (Lifesight and L&G).

If you look at my blogs promoted below, you’ll see I’ve been calling on Nest to make our money work harder for fourteen years. At last I think I can bring good news.

There is a huge weight of money in GPPs and legacy personal pensions (some still in with profits) that needs to consolidate to pension funds that work as hard as the big master trusts.

Default funds should not and will not (if TPR and FCA get their way) be backwaters where people’s money sit ignored. Consolidation should mean that every pound in pensions is treated as important, particularly money on which members have taken no decision. That is the task of CDC where all money goes into a single fund.

Soon we will see our workplace pensions alongside our state pensions and DB pensions yet to come. CDC schemes will join too (starting with Royal Mail’s)

Over time I expect to see the big master trusts, DB plans and CDC plans looking to savers as variants on one thing – their pension.


Footnote on CDC

To finish I will print an announcement from Royal Mail’s Collective Plan (CDC) which will be fantastic news to the posties who are members of it

I look forward to the day that we all think of our workplace pensions in terms of the benefits we get – like this.

If you look at my blogs promoted below, you’ll see I’ve been calling on Nest to make our money work harder for fourteen years. At last I think I can bring good news.

 

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White collar -“tax saving” ; blue collar – “retirement fun”

For many people who think a lot about their personal finances, their pension is a convenient safe to hide money from HMRC. This statement is taken from work done by Claer Barrett of the FT on responses to a “how I use my bonus” survey , involving  readers and published here. High tax rates do indeed drive the behaviour of those working in and around the City.

This makes a lot of sense if you aim to maximise the efficiency of your investments using wrapper labelled “pensions” to avoid national insurance , income tax on contributions and taxes on investment gains made.

Pensions are particularly efficient at present because employer contributions to your pot or to buy pensions are not subject to national insurance. And the amount that is saved by companies in paying your pension contributions loses HMT/DWP almost exactly what they get back from us drawing down on our pots and getting pension income.

Damien’s key insight is that the average win for those in pensions is over £785 for each human being living in the UK. But this is of course anything but how tax gets saved. The kind of person who cares about tax relief, national insurance saving and like tax free returns on their investment are not thinking about pensions but about wealth.

As has been proved by the furore over inheritance tax, there are many for whom a pension pot is not to be touched but paid to the next generation on death, as a means of avoiding capital taxes – most importantly IHT which is pernicious to those sufficiently wealthy to need liquid funds to meet HMRC demands.

The idea that saving voluntarily into a pension plan for pension has all but been extinguished by the money purchase AVC which can often be exchanged for tax free cash and very rarely is exchanged for extra pension.

Tax is a driver for almost every voluntary pension payment. But there are many people who opt out of workplace pension and they are not doing so for tax reasons. They are the people who do not want or cannot afford to make pension contributions through payroll.

I am reminded of presentations I did with Harold Davenport in Rotherham miner’s clubs in the mid 1980 when people still thought of themselves as in miner communities. Harold would bring out in front of tables of men a large folder that was full of cut out pictures of ladies from gentlemen’s magazines.

When you retire, do you want some of this?

Harold would ask, pointing to a busty woman.

He would then open up the other side of the folder which would be stuffed with £1 and £5 notes .

If you want out of them , you’ll need plenty of these.

Harold would conclude, pointing out the bank notes. There would then come out applications to pay more into the  pension.

There are two ways of selling retirement , white collar and blue collar. We focus on white collar sales because that is where the money is, but the blue collar world is one of need and is generally ignored. I don’t suggest we go back to old-style techniques as perfected by Harold, but I suggest that we need to get to grips for the need of blue collar workers to have pensions paid to them so they can have decent lives and tax and national insurance don’t matter in discussions about pay now- pay then.

Forty years on from the Rotherham miner’s club

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The grift economy is going mainstream – at least in America.

2025 was the year the grift economy went mainstream. Are we doomed to repeat it?

Feb 18, 2026

On January 7th, Chris Hayes taped an appearance on The Late Show at 5:30 p.m.

A few hours later, before the episode even aired, a friend texted him a screenshot. Someone had created a betting market on Kalshi, the prediction market platform, asking whether Hayes would mention Trump, China, or affordability during his appearance

The interview had already happened. It just hadn’t been broadcast yet.

All In with Chris Hayes on Instagram: “@chrislhayes reacts afte…

The market grew to almost $900,000.

This is the rip-off economy — or the grift economy — in its purest form: a world where everything — your attention, your data, your daily activities, even events that have already happened — is a surface to extract value from.

Where the line between investing and gambling has dissolved. Where the business model is built around exploiting customers.

The Economist published a piece last October called “The End of the Rip-Off Economy,” arguing that AI will actually fix all of this scamming and grifting. Their thesis is that technology empowers consumers, removes information asymmetries, and — their words — “the days of the know-nothing consumer are over.”

I want to take that argument seriously. Because it’s not entirely wrong. AI can potentially help consumers compare prices, detect scams, negotiate better deals.

But I think it misses something fundamental about what actually happened in 2025.


The gamblification of everything

Prediction markets hit nearly $40 billion in volume in 2025, a 400% increase from the previous year. And Kalshi’s CEO has been quite honest about his ultimate vision: “The long-term goal is to financialize everything.”

Screenshot 2026-02-21 at 15.31.23.pngEverything. And they’re not kidding.

You can now bet on how long the famine in Gaza will last. Whether your favorite influencer will get divorced. Whether the second coming of Jesus is happening this year. (Traders give it a 3% chance before 2027, if you’re curious.) A gaming attorney called it what it is: “gambling, no matter what they call it.”

The line between investing, gambling, and… whatever this is… has completely dissolved.

And if you watched the Super Bowl this month, you saw it in real time. Americans legally wagered an estimated $1.76 billion on the game. But for the first time, prediction market platforms and traditional sportsbooks were in direct competition for that handle — with prediction markets arguing their bets aren’t actually gambling and therefore shouldn’t be subject to gambling regulations. Kalshi is now legal in all 50 states.

And the language is deliberate. 31% of prediction market users report encountering “trading” or “investing” language in platform messaging. You’re not betting. You’re trading contracts on a federally regulated exchange.

And it’s not just prediction markets. Americans now spend more on scratch-off lottery tickets than on pizza, movies, concerts, and sports tickets combined. In Massachusetts, adults average $1,037 per year on scratch tickets alone. Options trading — a form of stock market gambling, IMO — hit record levels in 2025. More than half of S&P 500 options were zero-day-to-expiration trades — bets that expire the same day they’re placed.

Warren Buffett, not exactly a pearl-clutcher, warned in his annual letter: “The casino now resides in many homes and daily tempts the occupants.”


When the casino has no rules

 When you turn everything into a betting market, you also create new incentive structures for cheating. 2025 did not disappoint. When there’s no insider trading protection, no accountability, no way to know if the game is fair, people stop expecting fairness. They just try to get theirs before someone else does.

And that’s exactly what’s happening. In a single week in November 2025, the FBI met with the UFC about an allegedly rigged fight, and two Cleveland Guardians pitchers were federally indicted for a pitch-fixing scheme. Earlier in the year, 20 college basketball players were charged in a point-shaving scandal — the largest in NCAA history. An NBA coach and player were arrested on gambling-related charges.

And prediction markets? They have essentially no insider trading protections. None.

So when a worker at Google makes a million dollars betting on Google Search Trends (which they presumably had access to before the information went public), or a government insider makes $400K betting that Venezuelan president Maduro would be ousted hours before it happened, it’s all legal.

The people helping to build the casino are also the people in power. Donald Trump Jr. sits on Polymarket’s advisory board and is a “strategic adviser” to Kalshi. Truth Social is launching its own prediction market. And last week, the CFTC — the federal agency that oversees these platforms — announced it would drop its proposed rules to prohibit political and sports-related contracts. The new CFTC chair said the agency supports “lawful innovation in these markets.”

And as Kyla Scanlon wrote, major media outlets (including Dow Jones, CNN, CNBC) have announced partnerships integrating prediction market odds into their coverage. The news is now read alongside people betting on the news. When markets process political events before democratic institutions like Congress can even deliberate, market outcomes get treated as validation. As Scanlon put it: these bets “get laundered into legitimacy through the language of collective wisdom and truth machines, with a light touch of regulation.”

The Economist said information asymmetries would disappear. Instead, they inverted. Now the platforms know everything about us — our risk tolerance, our behavioral patterns, our dopamine responses — and we know almost nothing about who’s on the other side of the bet.

Also this advertising???


The price is watching you

 The gamblification of everything is one way the grift economy works. But you don’t have to place a single bet to get caught up in it.

Take surveillance pricing — the practice of using AI to determine a buyer’s “pain point” (the maximum they’ll pay before walking away) and adjusting prices accordingly. Not based on supply and demand. Based on you.

The technology to charge you a personalized price absolutely exists — the FTC confirmed that companies are selling these tools to retailers. Their staff report outlined four key concerns: privacy, discrimination, extraction, and algorithmic collusion.

And a Consumer Reports investigation with the Groundwork Collaborative found that 75% of products on Instacart showed different prices to different users — some paying up to 23% more for the exact same item. Instacart’s internal emails revealed a practice called “smart rounding” — using algorithms to squeeze extra cents out of every transaction. (New York’s Attorney General has since demanded answers.)

However, that doesn’t mean we’re in a surveillance wasteland, yet. The price swings people notice — and attribute to being tracked — are real, but they’re usually dynamic pricing: cheap seats selling out, fares changing based on overall demand. That affects everyone equally, not you specifically.


So is surveillance pricing a real threat or an internet paranoia?

Both. The capability exists and is being deployed in some contexts (grocery delivery, clearly). And the gap between capability and widespread deployment appears to be closing fast — Delta just announced it’s piloting AI-driven individualized pricing, and given how lucrative perfect price discrimination is, others will follow. Electronic shelf labels are spreading through grocery stores, making it possible to change prices by the hour.

The Economist said AI would empower consumers to compare prices. Instead, it empowered companies to charge each consumer the maximum they’d tolerate — and left the rest of us spending our evenings in incognito mode, trying to outsmart a system that has exponentially more data than we do.


The internet is mostly garbage now

“Slop” was named Word of the Year by both Merriam-Webster and the American Dialect Society. That feels right.

In case you’ve been blissfully offline: slop refers to AI-generated garbage flooding the internet. Content farms churning out hundreds of “articles” per day. YouTube channels posting AI-generated videos that earn millions. Fake reviews, fake news, fake everything.

AI-generated articles now make up over half of English-language web content. A study found that 20% of videos recommended to new YouTube users are AI slop. The top operators earn $4.25 million annually.

Even academic research isn’t safe. Nature reported that low-quality papers are flooding the cancer literature. Over 11,000 academic papers were retracted in 2025 alone — many of them generated by AI and rubber-stamped through peer review. On Amazon, 3% of front-page reviews are now AI-generated — 74% of them were five stars, and 93% had the “verified purchase” label.

Then there’s outright fraud. Deepfake fraud losses hit $1.1 billion in 2025 — triple the previous year. AI voice-cloning scams surged 148%. One in four adults has encountered an AI voice scam. It only takes three seconds of audio to create an 85% voice match. One woman lost $15,000 after scammers cloned her daughter’s voice and called claiming there’d been a car accident.

The internet — the thing we all depend on to navigate modern life — is filling up with garbage. And the garbage is getting better at looking real. The internet used to be a place where you could find information. Now it’s a place where you have to verify everything — and you can never quite be sure you’ve verified enough.


So about that Economist article …

So back to the argument — that AI is ending the rip-off economy by empowering consumers. That “the days of the know-nothing consumer are over”.

It assumes AI would be used for us. Instead, it’s being used on us — and increasingly, by us.

Because the grift economy isn’t just something that happens to people. It’s something we’ve started to participate in. Hustle culture turned “finding an edge” into a virtue. Influencers sell courses about selling courses and we call it entrepreneurship. We celebrate people who game the system — the crypto millionaires, the dropshippers, the kid who figured out how to arbitrage sneakers. “Get yours” stopped being a warning and became a business plan.

wrote about this last year — the way we’ve culturally normalized grifting as a survival strategy. What’s changed since then is that the tools have gotten exponentially more powerful.

It’s one thing when a guy sells a $500 course about passive income. It’s another when AI can generate the course, the marketing, the fake testimonials, and the fake reviews — all for the cost of a monthly subscription. The same tools that let companies build surveillance pricing and flood the internet with slop are becoming available to everyone. AI-generated fake storefronts. Deepfake influencers. Automated scam campaigns that used to require a team and now require a laptop.

The grift is getting democratized. And when everyone has access to the tools of extraction, the arms race accelerates.

The grift economy isn’t just a series of bad actors making exploitative choices. It’s a byproduct of what happens when trust collapses — in institutions, in companies, in each other. When the game feels rigged, people stop playing by the rules.

What does it actually cost — financially and psychologically — to live in a society where nobody trusts anybody? More than you think. And you’re likely already paying it. That’s where I’m going next week

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Invest now to win CDC, DC and DB consolidation.

Peter Roos is chief commercial officer at Lumera and his comments in Professional Pensions this week are pretty simple, you cannot avoid investment in administration software if you want to compete as a consolidator

“As we have seen first-hand through Lumera’s work in Sweden, scale improves outcomes only if these building blocks are developed and prioritised over a land grab on assets, supported by clean, reliable data and systems flexible enough to meet future regulatory and product demands”.

I have been thinking a lot about the administration needed to run a CDC scheme. When I was looking at what would be needed to run a CDC scheme I had a cautious outlook on the likely take up of CDC. I no longer think that way. That is because demand from CDC seems likely to outstrip the capacity of the original administrators we had expected to carry the load.

In my work preparing for submitting our proposal to the Pensions Regulator in August , it has become obvious that the investment in software to administrate a multi-employer CDC will be considerably bigger than we had envisaged.

We know at present that only TPT are going to offer a multi-employer CDC and they are already a consolidator of DC (Master trust) and will be a DB consolidator (if they can become a Superfund). It will be interesting to see how much they will need to develop their DC systems to include CDC in its suite of offerings.

I have had the good fortune to spend time in January and February with the old luminaries of Higham Dunnet Shaw and a leading consultancy in KGC, it is clear that administration has been under invested in for pensions. But what is becoming evident is that DC and CDC will have the responsibility of paying by default retirement incomes till the member’s death and if a partner’s pension is allowed – beyond.

Superfunds, as I know from my time working with Pension Superfund are subject to serious scrutiny from TPR and it is clear from reading the Pensions Bill and the draft of the CDC Code, that consolidation DC, CDC or DB superfunds is going to put a lot of pressure on providers to have the software and administration.

There are a number of new technology based software offerings available in the market. Lumera is one of them, other similar sounding software is from Festina, Aptia is a well funded administrator while services are available to the market through Mantel – part of the Spence empire.

2027 is likely to be a year of delivery not just for DB and superfunds, but DC as it offers default retirement income pathways to members. CDC offers a DB style pension to members with a DC contribution structure to employers.

As with the dashboard, innovation is not just comparable but learned from northern Europe.  Sweden and Denmark own two new pension software providers, one has a foot in Netherlands. It is not just in the Winter Olympics that these countries are strong. It is likely that in dashboards and pension administration, we will have to invest with them to catch up.

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Torsten Bell would make a good Chancellor one day

I don’t spend much time on Twitter but I do follow Torsten Bell. Lately he’s been tweeting a lot about Swansea where he is an MP but occasionally he makes an economic statement that sounds like him and not the Treasury. Here’s one after the good news for the Treasury they’ve had this week.

It is Torsten Bell’s version of a Chancellor tweet

I  hope that this is the spirit that Bell brings to Edinburgh in a couple of weeks and that his message to the Pensions UK Conference is one of confidence in investing into UK this UK growth.

During this week I have seen complaints that the managers and engineers of our coal mines were getting the fruits of growth from a pension scheme 90% invested in equities.

I saw complaints that the Church of England would this April restore pension benefits when CoE scheme got into trouble  over property nearly 20 years ago. It too was criticised for being 70% invested in growth assets.

It’s been a week when I have had encouraging meetings with unions, employers, trustees and most of all with friends that I’ve been explaining CDC and how it can return us the pensions which we lost when DB closed and DC saving gave up on retirement income.

Of course I am pleased too to see the master trusts talking about flexing and then fixing people with annuities in later years. That is an alternative and better than pension freedom (pay lots of tax to have your pension pot swapped for a payment to HMRC to have a healthy bank account).


But back to Torsten

You have to go back a long way to find Torsten talk to the public about pensions. Here he is in the beginning of February. A lot of stuff (including some questionable stuff on housing) but nothing on pensions.

If I scroll back through our Pensions Minister’s tweets through 2025 there is nothing on social media about pensions.

I hope that this will change in two three weeks time when we are discussing pensions.

Torsten Bell would make a good Chancellor of the Exchequer one of these days, but right now he’s a pensions minister (a junior one at that). He’s got a Pension Schemes Bill  becoming an Act soon and he’s got a CDC scheme that needs a Code and authorisation of schemes.

I have had reasons to scold the Pensions Regulator this week for promoting itself in DB and DC but not mentioning CDC. I hope that our Pensions Minister will do a little better and promote the work that is being done and will see its fruit from 2027.

Right now the Pensions Minister sounds like he wants to be an MP and the Chancellor. He is the Pensions Minister – in case you’ve forgotten!


This blog is old enough to remember Torsten Bell when he was a campaigner for social justice

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