The lecture series has been launched as a tribute to Patrick Bloomfield, the former ACA chair and Hymans Robertson actuary who died in September 2023
The Association of Consulting Actuaries (ACA) has commemorated the untimely passing of its former chair, Patrick Bloomfield, with the inaugural Bloomfield Bow Tie Lecture.
The lecture, which was held in London on Wednesday evening (6 November), focussed on a review of the retirement income challenges ahead and explored approaches to promote greater adequacy and equity for all.
Introducing the lecture, ACA chair Stewart Hastie said: "Whilst the purpose behind this lecture is to look to the future in a positive way, inevitably our reasons for establishing this lecture are sad. A year ago, my dear friend Patrick Bloomfield died suddenly and unexpectedly. The shock was palpable in the many tributes made and the loss persists to this day.
"While to many of you he will be remembered fondly as our ‘Bow Tie' ACA chair keeping us amused leading webinars during the worst times of the pandemic; to others he will be remembered as a friend and good company; to still others he will be remembered as his firm's senior actuary and equity partner but moreover as their mentor and inspiration. And to anyone who knew him he was the antidote to ‘group think' as he intelligently constructed the case – ways and means - for better outcomes for pension scheme members, always thinking ‘out of the box'."
Hastie added: "It was because of the radical and thoughtful contribution he has made to our sector that we decided to commemorate his passing with this lecture. Our mission is simple. To capture the ideas of members of our industry, particularly those early or mid-career, to map out how we might do better to address todays and tomorrow's pensions and savings challenges."
Patrick Bloomfield shared his final white paper – Realigning Defined Benefit Pensions with UK society's aims – in July 2023, just weeks before his passing.
While courting controversy, Bloomfield's vision was somewhat prophetic - encouraging a reconnection between generations, offering good quality pensions to current workers, and striving for a system that creates financial security in later life in a prosperous UK society.
The inaugural lecture presenters – actuaries Al Miles and James Smith – took Patrick's calls to action and reimagined retirement with a view to securing lifelong financial independence for all.
Taking the large audience on a tour of UK society's expectations and desires, before critically looking at how much is enough and who bears what responsibility, Alex and James reviewed how we might rebuild a system that is steeped in uncertainty for those at the heart of it – savers.
Beginning with actions that individuals can, or indeed cannot, take; then exploring how to create more certainty in the state pension; and ending with a tour of what employers should and could look to do more on via both individual and collective savings. In the spirit of Patrick, the lecture was thought-provoking and with a central belief that we can always do better.
Miles and Smith will be sharing a detailed report into their work following the lecture. Register to receive a copy here.
