UK - Retrospective compensation is "imperative" if the government is to move forward effectively with pension reform, the Pensions Management Institute spring conference was told.
Government pensions adviser Ros Altmann will highlight a lack of progress since the Pensions Act 1995 and tell delegates that backdated compensation is key for restoring confidence.
Altmann – who joins an array of industry experts speaking at the conference at London’s Hilton Hotel on Park Lane – has been heartened by growing support from MPs for retrospective payments.
Altmann said an amendment to the Pensions Bill would be the catalyst for restoring confidence.
She said: “In 1995 members were told that measures were being introduced to increase security with a new regulator, more member-nominated trustees and requirements to ensure proper funding.
Nearly a decade on and members are being told exactly the same but this time with the knowledge that they could still lose everything tomorrow.”
Other speakers at the conference include pensions minister Malcolm Wicks, pensions board chairman Ronnie Bowie, Mercer’s Piers Bertlin and Hewitt Bacon & Woodrow’s Raj Mody.
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Royal Bank of Scotland (RBS) faces a £102m impact on liabilities as a result of equalising guaranteed minimum pensions (GMPs), according to its annual results.
Malcolm Mclean says getting the channels of communication right and engaging more openly is a good starting point