UK - Around 250 delegates overcame the London's Tube strike to attend this year's Pensions Management Institute Autumn Conference, chaired by Tony Ashmore, PMI vice president.
The day started with a look at the current state of pension provision from the union point of view.
In the opening session, David Coats of the TUC said that today half the UK workforce has no occupational pension and that the level of provision for those who have is declining.
He recommended that pension provision should be compulsory, that at least 15% of an employee’s earnings should be saved towards their pension and that this should be paid two-thirds by the employer and a third by the employee.
David Pollard of Freshfields Bruckhaus Deringer spoke on the legal implications of two tier pension provision.
He argued that many companies have not considered the risks of indirect discrimination, where they provide benefits in different ways for different groups of employees.
He warned that employers might end up having to defend their decisions in court.
Speakers at the conference also tackled pensions simplification.
Alan Pickering of Watson Wyatt, who chaired the recent Pensions Simplification Review, said: Politicians alone are not to blame for today's complex pension system.
“We in the private sector have played our part. Slashing and burning red tape should be a public/private partnership.”
The Pensions and Lifetime Savings Association (PLSA) has revamped the standards for its Pension Quality Mark (PQM) in a bid to raise the quality of single-employer defined contribution schemes.
People approaching retirement are "systematically misjudging" their longevity and undervaluing annuities, the Institute for Fiscal Studies (IFS) says.
Professional Pensions is holding a breakfast briefing on engaging defined contribution (DC) members on 7 February.
Panellists at a PP webinar discuss October's High Court judgment on GMP equalisation, how schemes have responded, what their strategies should be, and how the industry can approach it.