The Sorcerer’s Apprentice

There was not a splutter or a look of indignation, but instead the humble concession that he had “a lot of admiration” for his opposite number. The Labour MP was also asked what he would change in Webb’s reforms – the answer was short and, frankly, immemorable.

And yet, when asked about his own role, he was animated, proudly stating that he had started the job 18 months ago knowing very little, and since then had learned something new every day.

The inference I took from this and other remarks was that he was relishing the opportunity to be the next pensions minister, and was busily learning his trade – rather than using the post as a stepping stone to a more lofty role in government. To do this he knows he needs to put in much time and energy if he is to score any points off Webb in the House of Commons chamber.

Indeed, McClymont’s speech at this gathering in Westminster, and from documents he has produced, shows a strand future policy proposals.

There is an unwavering campaign on charges for savers in defined contribution schemes. This has had mixed success, unhelpfully stoking perceptions of pensions as a rip-off in the national media, but also prompting the Office of Fair Trading’s investigation into the industry.

More original are his thoughts on applying principles from the Cooper Review – a sort of Myners’ Review equivalent for Australian superannuation funds. One idea he likes is the recommendation for trustees to once a year question whether they have the economies of scale to deliver the best outcomes for their members. And generally, along with the Australian model, he believes in fewer schemes, more professional trustees and the economies of scale.

Potentially, we could have one great pensions minister follow another.