Editor’s reflections from the PLSA

Hello PLSA, old friend. I don’t think I had been to a PLSA conference since 2018, thanks to a heady combination of welcoming my daughter to the world in 2019 and the intervening issue of a global pandemic.

While I still remembered most of the important things (the location of the press room, where to find the best coffee, the importance of choosing the right sessions – and dinner – to attend), some things were new.

Nausicaa Delfas, the relatively new chief executive of the Pensions Regulator, summed up the feeling of an industry in flux. “I have arrived at a period of significant change, where we can improve things for millions of pension savers,” she said.

And the regulator will not be left behind. TPR wants pension schemes to consolidate.

It sounds like TPR intends to take a more hardline approach to schemes failing to offer value for money. Its focus will be on the quality of the trustees who are overseeing those schemes.

“We are unapologetic about the standards we expect from trustees,” said Delfas.

It is hard to argue that the trustee role has become professional. Personally though – and I know I am not alone – I hope that DC master trusts manage to preserve the voice of the member at the highest echelons of decision-making.

Why? Because pension fund trustees used to be everyday people you’d see in the canteen, or at the work station near you. It was easy to grab them to ask a question about your pension. I still think those conversations are powerful to scheme members, and it is a shame to lose them.

It all comes back to a point made by James Chemirmir, pensions director at Kingfisher, whose presentation was a highlight of the conference. Members are still more likely to approach someone they know to help them make choices, he said.

Why? Chemirmir explained: “If you look at the common thread running through these individuals, it is because they think you and I are people that they can trust. It seems there is a trust deficit within the pensions industry. That’s why we are being approached. Until we fix that, all our efforts around communication are going to be overlooked.”

I’d be interested to hear from any pension schemes which are continuing to represent the member voice well, and any advice you’d pass on to others who wish to do so.

A minor gripe: it was a shame not to hear in person from Andrew Griffith MP, economic secretary to the treasury and city minister. After a speech over video link in which he really didn’t say very much, it would have been nice to have had the opportunity for questions from the floor, instead of screened on the app.

Thanks to the PLSA for another thought-provoking conference. I look forward to following up on lots of the big themes from the event in Pensions Expert over the coming weeks and months.

Louise Farrand is the interim editor of Pensions Expert