UK - Association of Consulting Actuaries chairman Gordon Pollock has attacked the government for "defending failed policies" and urged ministers to look again at pension reform.
Pollock – speaking at the ACA’s annual chairman’s dinner – attacked the government for ruling out further discussion on state pension reform and failing to put forward “radical” reforms needed to boost private pension provision.
He said the government must end its policy of ignoring the advice of actuaries if it wanted to save the pensions system. But to do that, the government must introduce “better” financial incentives and major reductions in red tape.
Pollock said: “The government – as so often over the last 25 years – is not in ‘listening mode’. It is therefore very worrying that at such an important time, when we need an imaginative and listening government, we are told state pension reforms are ‘not open for discussion’.
“Just as worrying, radical policies designed to boost private occupational pensions are also nowhere to be seen – the Green Paper fell a long way short of being radical.
“Let’s hope the new pensions minister, whenever he or she is appointed, will look again at state and private reforms.
“He or she will need to be brave and imaginative to make sure millions of citizens retire in comfortable circumstances.”
The Pensions Regulator (TPR) has granted 11 master trusts extensions to apply for authorisation, as it confirms it has received 22 applications ahead of the 31 March deadline.
Aegon Master Trust, Fidelity Master Trust and Ensign have sent off their authorisation applications to The Pensions Regulator (TPR).
Self-administered pension funds spent £15bn on payments to pensioners in Q4 2018, but received just £12bn in contributions (net of refunds), Office for National Statistics (ONS) data reveals.
Aberdeen Standard Investments (ASI) and Gresham House are to team up to form a joint venture.