The new chair of the Association of Consulting Actuaries (ACA) has called for “tangible progress” towards a UK pensions system that delivers fairer outcomes across defined benefit, defined contribution and collective defined contribution provision.
Chintan Gandhi, a partner at Aon, took office as ACA chair on 1 June, succeeding Stewart Hastie of Isio. He will serve a two-year term at a time of significant policy change for the industry, with the Pension Schemes Act 2026 recently introduced and the Pensions Commission continuing its work.
Gandhi said: “Big challenges face the savers of today and the future – but equally big opportunities lie ahead in building a pension system that delivers adequate and secure incomes, is intergenerationally and intra-generationally fair, supports a sustainable economy and society, and earns genuine confidence and engagement from the public.”
His agenda is focused on four areas: improving defined contribution (DC) adequacy and outcomes for under-pensioned groups; using defined benefit (DB) surpluses and endgame strategies to support current workers; realising the potential of collective DC (CDC); and creating a more stable framework for pensions tax, the state pension, and social care.
Adequacy and the Pensions Commission
On DC adequacy, Gandhi said automatic enrolment had been “a major success” in increasing pension saving, but contribution levels remained too low. He cited the Pensions Commission’s interim report, which highlighted that up to 15 million UK adults are on track to fall short of an adequate retirement income on present trends.
“[Adequacy work] must be underpinned by long-term thinking about engagement, guidance and support, to supplement one-off campaigns – so that people can make better decisions without having to become pensions experts.”
Chintan Gandhi, Association of Consulting Actuaries
He said some women, carers, disabled people, ethnic minorities and the self-employed remained under-pensioned and underserved.
The ACA will contribute to the next phase of the Pensions Commission’s work and share proposals from its adequacy working group. Gandhi said the association continues to support phased and well-signalled changes to automatic enrolment, including gradually increasing minimum contributions, applying contributions from the first pound of earnings, reducing the minimum age threshold and developing a practical route to bring the self-employed into inertia-based saving.
“All of this must be underpinned by long-term thinking about engagement, guidance and support, to supplement one-off campaigns – so that people can make better decisions without having to become pensions experts,” he said.
Surpluses, endgames, and the future of DB
Gandhi also pointed to the growing debate around DB surpluses, as many schemes become well-funded and consider endgame options beyond the traditional insurance route.
He said this raises questions about how surpluses are used, who benefits and how member security is protected. The ACA will continue working with policymakers and the wider industry on a DB surplus-release regime that balances employer access, member safeguards and trustees’ duties.
Gandhi said the ACA also sees “significant value” in allowing DB surplus, where appropriate, to support better pension provision for today’s workers, including through tax-efficient transfers into TPR-authorised DC or CDC schemes to help fund contributions for current employees.
“Done well, this can link the success of legacy DB with stronger saving and better outcomes in DC and CDC,” he said.
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Harnessing the potential of CDC
CDC will be another priority for Gandhi, who has been closely involved in industry work on the model and a vocal proponent of its potential to boost retirement outcomes.
He said he was “personally very excited” by the introduction of whole-life multi-employer CDC schemes in the UK, arguing they offer a way to pool DC contributions at scale and deliver an income for life in retirement.
“Future generations will thank us if, together, we can build a coherent pensions and long-term savings framework that stands the test of time.”
Chintan Gandhi, Association of Consulting Actuaries
The ACA’s new chair also contended that CDC could reduce the burden on individuals to make complex investment and decumulation choices, while supporting higher long-term investment in productive, responsible and sustainable assets.
He added that the wider pensions settlement must include stability in pensions tax, a fair and less politicised state pension system, and a social care system that works alongside pensions.
“Future generations will not thank us for constant tinkering. They will thank us if, together, we can build a coherent pensions and long-term savings framework that stands the test of time,” Gandhi said.
In addition to Gandhi’s appointment as chair, Barnett Waddingham’s Richard Gibson was elected honorary secretary.
Gandhi has been involved with the ACA for more than a decade. He joined the public relations committee in 2014, founded the ACA Younger Members’ Group in 2015, and has served on the main committee since 2018. He becomes the youngest chair in the ACA’s history.
