UK - Punctuated by a waltzing couple constructing a "regulations" polystyrene column, National Association of Pension Funds Chairman Robin Ellis called for the need of a simpler state pension system.
In his speech at the conclusion of the NAPF annual conference, Ellis highlighted the complexity of the state pensions system and forecast that by 2050 the hundreds of pages of regulations will be reduced to just 25.
Using adverts to illustrate his point, Ellis showed how the citizens are not just overwhelmed by the complicated nature of state pensions, but some are completely unaware it actually exists.
By the end of the speech, the “regulations” tower became an encumbrance and the NAPF chairman proceeded to kick it down, showing what should be done by the government in real life.
Along with some off-the-wall suggestions such as interplanetary pensions and nano pensions, Ellis also predicted a bleak future for pensions journalists.
If his proposition of simplifying state pensions is taken on board, the structure will be so boring that no one will “give a fig” about reporting anything that happens in the industry.
Speaking about second pillar pensions, Ellis said that they are very possibly part of the solution to the pensions crisis, along with his prior insistence of a simpler state scheme.
He warned however that if the problem is not tackled promptly, the occupational pensions might not be there to provide support for the state system
Ellis’s light-hearted look at the future of pensions entertained the delegates while making a satirical point about what needs to be done for the sustainability of the system as a whole.
By Angele Spiteri Paris
A buyout tool which provides schemes with up-to-date pricing and comparisons between insurers has been launched by JLT Employee Benefits.
The DB white paper sets out plans to review the funding regime, with 'prudent' and 'appropriate' possibly redefined. But James Phillips asks if this could this signal a return to an MFR-like approach?
The trustees of GKN's pension schemes have agreed a package of mitigation measures that would improve funding to a "more prudent level" if Melrose's offer is accepted by shareholders next week.
While the new powers are welcome, most respondents doubt it will make a difference to the outcomes for members, Pensions Buzz respondents say.