I was reading the latest edition of Saga Magazine at the weekend (look – it was lying around on my parents’ coffee table alright – I am obviously far too young to have a subscription myself!!), and began reading the main article.
It contained various interviews with some of the great of the pension and age industry about what they would like so see as the next development in legislation or societal planning.
I went to an excellent talk by Lindsay Tomlinson the Chairman of the NAPF last night. The man talks a lot of sense. The main thrust of his speech was concerning the now certain death of the the DB scheme and the rise of DC and with it NEST eggs.
It is now an acknowledged truth I think (and so does he) that DB will be a creature of history within the next 10 years or so except within the public sector. That is not to say that there won’t still be legacy schemes in run off of course but the writing has been on the wall for them for several years, accelerated perhaps by recent economic events but certainly not helped by overregulation, poor investment choices and increasing longevity.
The Personal Accounts Delivery Authority has announced a near £400,000 rebrand of it’s new offering. Goodbye Personal Accounts (which did exactly what it says on the tin) and Hello to NEST or more accurately perhaps, the NEST Corporation.
I have it on very good authority that this has no connection to SMERSH, the KGB or white furry cats being cuddled by mad dictators (although I think I can just about see Tim Jones stroking one!!), but is instead the new name for the organisation which will oversee the Peoples’ Pension Scheme (my term, a bit Post Office ish but pretty good I thought!!)
Jennie advises large multi-employer schemes as well as smaller single employer arrangements and has wide experience of both Defined Contribution and Defined Benefit schemes. Jennie qualified in 1986 originally as a criminal prosecutor. She sits as a Magistrate in her local justice area and is an Approved Chairman and Deputy Chair of the Bench Training and Development Committee. Jennie was formerly Legal Director of the Occupational Pensions Regulatory Authority. When her busy practice allows, Jennie likes to indulge her passion for travelling. To consult Jennie on any corporate Pensions matter, please call her on +44 (0)20 7749 2700 or send her an email by clicking below: Email Jennie