Editorial: Some musings, and then I am off to Oz

This was both intimidating and inspirational, and it was characterised by an unflappable sense that any event could be explained in terms of received wisdom. It all appeared a steep learning curve to a desirable, cosy world.

Immutable laws were commonplace – pension funds invest for the long term. There were strange beliefs, such as it being illegal to invest in hedge funds, innumerable jokes about actuaries, a faith in the amateur ethos of trusteeship and, dare I say it, a fondness for jargon that made it easy to win arguments with those less knowledgeable.

Over each successive year this faith and way of life has cracked and then crumbled. FRS 17 was the biggest shock, but not far behind was the sudden scrutiny of the national media and all the baggage this has brought. The pace of change has been relentless, and for those who can cope with higher levels of stress than the average person it has been a fulfilling place to be.

Also key to succeeding has been an acceptance that no individual can know everything, or would even want to, and that working with a team of experts is the key to success.

These struggles have been experienced by journalists too, who have to work harder to get their heads around a boggling range of concepts, from the workings of catastrophe bonds, discount rates, to buy-ins and buyouts, contracting out, accrued rights, section 75, GMPs and the restrictions affecting Nest.

I can foresee years of change and flux ahead, but I am going to miss out on much of this, as this is my last Pensions Week. I am off to Sydney to write about superannuation funds for a title called Investment Magazine. If any of you are visiting please give me a call.