Tag Archives: Derek Benstead

Of nuclear deterrents, sledgehammers and nuts – (DWP Select on DB)


The 90 page report on the state of our defined benefit pension schemes is published this morning. From first to last it is the work of Frank Field, it begins with BHS and ends with BHS, the confrontation with Philip … Continue reading

Posted in defined ambition, DWP, pensions, Pensions Regulator, workplace pensions | Tagged , , , , , , , | Leave a comment

“Nothing” is very much wrong with defined benefit pension schemes.


This week I was asked this question by a civil servant (not directly involved with pensions). Ignorant question: What in regulation or law would prevent a DB pension scheme being valued based on the actual assets as opposed to the … Continue reading

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

Doesn’t pension freedom extend to Defined Benefits?


The debate about the assumptions we use to decide the state of our defined benefit schemes is in full swing. On the one hand you have those, like John Ralfe who use an approach which ensures that there’s always enough … Continue reading

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

Cash beats shares for capital gains (but not for pensions).


Paul Lewis has produced a brilliant study that shows how the outcomes of investing a capital sum in cash would have been better than investing in shares over the past 21 years. Paul is right, the numbers do  not lie and … Continue reading

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

Am I being unfairly targeted?


It was all going so well. We’d had a great day working and a great night playing and we’d made it back to chalet 147 at Center parks and were tucked up in bed. But one of our company us was … Continue reading

Posted in advice gap, First Actuarial, pension playpen, pensions | Tagged , , , , , , , , , , , , , | Leave a comment

How to have fun without breaking the bank


Well you wouldn’t have thought that the newly opened Center Parcs near Woburn would afford 200 actuaries and pension geeks a good time. But you’d be reckoning without the child within that drives First Actuarial at work and play. The … Continue reading

Posted in actuaries, CDC, Center Parcs, monkey league, pension playpen | Tagged , , , , , , , , , | Leave a comment

CDC schemes and Ponzi Schemes – a guest blog by Derek Benstead


  A tweet is long enough to write an idiocy but not long enough to make a reasoned argument. The quoted tweets from PJ Zoulias  in Henry Tapper’s recent blog say nothing meaningful to give a reasoned response to. I’ll give … Continue reading

Posted in CDC, dc pensions, pensions, Retirement | Tagged , , , , , | 2 Comments

In defence of genius.


Genius is not just misunderstood – it is persecuted. Those who didn’t get Copernicus, Galileo, Wordsworth or Darwin did not ignore these genius’, they set out to do them in. Bob Dylan when he laid out his Highway 61 album … Continue reading

Posted in actuaries, advice gap, CDC, David Pitt-Watson, dc pensions, pension playpen, pensions, Pensions Regulator | Tagged , , , , , , , , , , , , , , , , , | 1 Comment

CDC designed by an enlightened actuary -Derek Benstead!


  When I started out in insurance my sales manager told me: “Don’t sell a solution until you’ve understood the problem.” So far, collective defined contribution is a solution that is so short on detail we can only suppose what … Continue reading

Posted in actuaries, advice gap, auto-enrolment, dc pensions, pensions | Tagged , , , , , , , | Leave a comment