Pensions - Articles - Pension security is valued more highly than any other aspect


The Working Party on the Security of DC Assets comments on this research revealing that Pension scheme members value the security of their assets more highly than aspects such as charges according to recent consumer research of contract based schemes conducted on behalf of the Independent Governance Committees (IGCs).

 Chair of the Working Party on the Security of DC Assets, and partner at Hymans Robertson, Rona Train commented: “It is inevitable that members will want to know their assets are secure. However, we as an industry are still in a position where we can’t definitively answer the question from members “how secure are my assets?”. The levels of protection can vary depending on the fund structure and platform structure and can even vary depending on the type of contract used. Two employees sitting next to each other may well find they have different levels of protection and this is a very worrying situation.”

 Anna Copestake, Committee Member and Senior Associate at ARC Pensions Law commented: “We have been engaging with the various industry bodies on this topic for over two years and have yet to be able to determine for certain what protections are in place if providers or funds were to fail. Although in most cases it will be a ‘tail end risk’, members are clearly worried about this topic and we hope this research helps us to move forward in an increasingly constructive manner with those with whom we are talking.”
  

 Security of DC Assets Working Party Members:
 Barry Parr – Association of Member Nominated Trustees
 Bill Trythall – Association of Member Nominated Trustees
 Anna Copestake – Senior Associate, ARC Pensions Law LLP
 Jane Kola – Partner, Gowling WLG UK LLP (formerly Wragge Lawrence Graham & Co LLP)
 Rona Train – Partner – Hymans Robertson LLP
 Andy Cheseldine – Partner, LCP
 Stuart O'Brien – Sacker & Partners LLP
 Steven Charlton – Vanguard
 Jason Bullmore – Aviva
 Hugh Skinner – Fidelity
  

Back to Index


Similar News to this Story

Reaction to reports of Freezing Lifetime Allowance
Reports reveal that the Chancellor is likely to announce a long-term freeze in the Lifetime Allowance for pension tax relief in the Budget next week.
Special Tax Day announced for 3 weeks after the Budget
Steven Cameron, Pensions Director at Aegon, comments on the special ‘tax day’ scheduled three weeks after the Budget.
Comment on Equity Release Councils new competency framework
Legal & General comments on the Equity Release Council’s new competency framework

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.