Editorial: The NAPF annual conference is the pinnacle of pensions jollies and the event this week had an added buzz in the air. While the industry still faces some uncertain times, it was enjoying what seemed to be a greater sense of stability in its own identity compared with this time last year.
This renewed sense of purpose was perhaps best encapsulated by the association’s worst-kept-secret unveiling of its new name – in case you missed it, it is now known as the Pensions and Lifetime Savings Association.
The rationale behind the name change was in large part concerned with reaching out to the various types of smaller employers being brought into the association’s scope by auto-enrolment, as well as future-proofing for any policy changes on what is increasingly being seen as later-life wealth rather than mere pensions.
The PLSA is also taking a step closer to savers, pledging to support them in navigating their journeys to and through retirement.
A fortuitous by-product of the move is the potential for new revenue streams, which it will need if the pensions market continues to consolidate as it is expected to do.
But the name change was very well received by delegates and the logic was obvious to most delegates, who also recognise the complexity in serving the various agents involved in engineering a decent retirement income.
Illustration by Ben Jennings
A talking head in a piece of footage shown at the conference depicted this challenge well, likening pension reform to a Rubik’s cube: as soon as you get one bit right, everything else gets messed up.
Pensions minister Ros Altmann alluded to such unintended consequences in her keenly anticipated conference speech and cited timing as a pillar to her reform approach, alongside communication and simplification.
“I’ve inherited a rather large number of initiatives,” she said, adding that she’s had to make some strategic decisions on what to prioritise.
The fruits of some of that thinking came to bear this week, as it was confirmed that a couple of her predecessor’s policy babies would be would be going on the back burner.
Pot-follows-member is to be shelved, as is defined ambition and collective defined contribution. Instead she will focus on things such as mastertrusts, quashing scams and extending the reach of Pension Wise.
If the PLSA move was a reaction to a widening remit, then presumably Altmann’s role could be expected to change in similar ways. Her focus on timing will become more important than ever.
Maxine Kelly is editor at Pensions Expert. You can follow her on Twitter @MaxineEK and the team @pensions_expert
