From the blog: Evidence is mounting that savers are at risk of getting a poor deal at retirement.

The combination of product complexity and consumer inertia that led to so many people getting a poor deal from the annuity market has been replicated under pensions freedom.

It is therefore time for government and regulators to push ahead with ambitious reforms that will help lower-earning members navigate the decumulation market without rolling back on pensions freedoms.

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From the blog: The shifting landscape of Italian politics over the past few weeks is just the latest chapter in a longstanding narrative of political risk and uncertainty that appears to threaten both the eurozone’s economic recovery and the European Central Bank’s monetary policy framework perpetually.

History teaches us that European financial markets respond negatively to any perceived threat to the cohesiveness and evolution of the European project: the EU, European Economic Area or the euro currency itself.

While the very latest developments, at the time of writing, are looking to instil a modicum of calm, thoughts should now be turning to the likelihood of much needed additional reforms within the European financial infrastructure and the next steps regarding the ECB’s policy stance.

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From the blog: In recent years, regulators have put so much emphasis on the minutiae of defined contribution pensions that we seem to have forgotten about the bigger picture.

It seems absurd to focus on the detail when the infrastructure that supports DC is fundamentally outdated and no longer appropriate for the post freedom and choice world in which we now find ourselves.

I am all for improving the quality of DC pensions – a more robust and insightful governance framework is needed. However, current thinking ignores the big ticket fundamentals that have most impact on member outcomes.

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From the blog: The gold-plated pensions generation owes it to the next to create an equitable and sustainable way of providing for income in retirement. 

There is a hefty bill that needs to be paid to cover the shortfall from the past, which will have to be met by the workers of tomorrow. And of course, we know that those same workers also have to worry about saving for their own pensions, paying off education debts and struggling to get onto the property ladder.

A round-up of the pensions news stories published across the FT Group this week, from the latest asset manager to exclude tobacco investment, to demands for greater disclosure over sexual harassment.

From the blog: From April 2019, mastertrusts will not be able to operate unless they have been authorised by the Pensions Regulator, and many may decide to pull out of the market.

Finding an authorised mastertrust prepared to accept a bulk transfer of members is one way for the trustees to discharge their obligations to members.

The size of pot and issues with data, coupled with the number and nature of the sponsoring employer base, may mean a bulk transfer is not possible. How then will the trustees complete their obligation to wind up?

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A round-up of the pensions news stories published across the FT Group this week, from trade union demands for higher pension payouts, to a secret pension meeting between Kentucky Democrats and Republicans.

From the blog: Whether a pension fund is facing closure, or just suspending its website while investment options change, there are many reasons why a scheme might have to communicate tricky or delicate subjects.

The thing you need most when helping members through a difficult patch is their trust. If they do not know who you are, or think you are just part of the problem, they will doubt or ignore what you say, and look somewhere else for help.

Of course, it is not possible to build trust overnight. So, it is crucial to start now, before you have to start sending out tough messages.

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From the blog: Throughout my 25-year career in pensions, there have been a few notable milestones and turning points.

A couple of significant moments that spring to mind include when Gordon Brown removed advance corporation tax relief for pension schemes in 1997 and when stakeholder pensions were introduced in 2001. The impacts in both cases were huge.