The future of pensions - 10 things that need to change!
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Transcript of The future of pensions - 10 things that need to change!
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The future of pensions – ten things that need to change!
Henry TapperPension PlayPen
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Welcome.Before the session starts:• Think about the one thing that you think need
to change in order to secure pensions as the key long term savings vehicle in the UK
• Jot it down• See where it comes in our countdown• Discuss at end if not in out list
The future of pensions – ten things that need to change!
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Transparency
10
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1. Transparency: we must know what we’re paying for our pension
“I think one of the things that saps people’s enthusiasm for saving in investment products is just a sense that they do not understand the fees and charges”.
David Cameron; PQT April 2016
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Value for money
109
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2. Value for money: we need to know what and how to measure
Source; Clarius
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Visibility
1098
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3. Visibility: we should see what we have
Picture ; Moneyhub
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Helpful administration
10987
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4. Helpful administration: For auto-enrolment to workWorkplace Pensions have to work
Source ; Pension Playpen
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Portability
109876
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5. Portability: the pot should follow the member
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Durability
1098765
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6. Durability – our pensions should be safe
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Safe robo-advice
10987654
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7.Advice : are we ready for the robots?
Source ; Deloittes
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Fair tax relief
109876543
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Lies, damn lies and tax reliefs
Tax relief £24bn?
Investment relief £8bn?
Tax free lump sum
£3bn?
NI relief inc salary
sacrifice£15bn?
Most of it goes on already well off
With auto enrolment – why do we need tax
incentives?6 in 7 higher rate
taxpayers are basic rate in retirement
For public sector schemes – savings
go to Government??
New tapered AA and reduced LTA
will rebalance
Sort it out and then
leave it alone
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Sustainable investment
1098765432
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9. Stewardship: pension investment will have a social purpose
Source; Legal and General
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Minimal government tinkering
10987654321
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10. Less change; why trust must be restored
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Ten things that need to change – Was yours on our list?
Transparency - we must know what we’re getting
VFM - we need to be able to measure it
Visibility – we must see what we’ve got
Helpful admin – making workplace pensions work
Portability - the pot should follow the member
Durability – our pensions should be safe!
Advice we trust – are we ready for the robots?
Fair tax relief - are we getting our ROI?
Sustainability - pension investment will get better stewardship
Less change - confidence has to be restored