Executive summary; scroll down for the programme
Without being too dramatic about it, it’s easy to conclude that the pensions sector has never been as challenged as it is right now.
Some within the TTF pensions community are concerned the pensions and investment markets are still not yet delivering the outcomes they should be; and are wondering what’s holding back progress.
Are there conflicts of interest in the system?
Is the pensions sector starting to show signs of becoming self-serving?
Is the focus drifting towards the ongoing commercial success of the pensions industry, rather than on driving the best possible outcomes for pension savers?
Is the operating framework that governs the sector too influenced by short-termism driven by regulatory, political and policymaking expediency?
Some are concerned about many aspects of today’s pensions market, including
- The persistent problem of ineffective disclosure on costs and charges
- The whole value for money agenda; is enough happening quickly enough?
- Clunky and clumsy, legacy tech systems that create a needlessly high cost base for the sector that thwarts the optimisation of outcomes
- Whether ESG reporting is actually working well enough
- The challenge of differentiating between authentic responsible investing and what might just be greenwash
- Whether the existing trustee model is fit for purpose
- Pension scams; particularly those relating to transfers out of DB schemes
- Worryingly low levels of engagement with scheme members
- Comms that most members still find baffling; linked to the previous point, maybe?
- The threat to valuable tax concessions, given the state of the economy
- Whether the pensions dashboard is going to deliver
- Whether the regulatory framework is actually delivering on its statutory duties
- The seismic impact of Covid-19 on funding levels; and lots more
Clearly, there is going to be a great deal to discuss!
If you want real and meaningful improvements to the pensions system please ‘stand up.not stand by’ – we need all the help we can get to galvanise support for positive, progressive and purposeful reform.