The National Association of Pension Funds today kicked off its yearly extravaganza – or 'conference', more formally – the industry meets to discuss all things pensions.
There is much to discuss this year thanks to chancellor George Osborne's flexibilities introduced in the Budget.
The event opened with the NAPF's chair Ruston Smith trumpeting auto-enrolment, saying it is making saving for retirement a habit.
Ruston Smith of NAPF says an employer told him if they chose a 'rubbish' pension provider their staff be more likely to opt out.#NAPFAnnual
— Josephine Cumbo (@JosephineCumbo) October 15, 2014But he asked for more clarity from the government on pension reforms.
@napfnews chairman Ruston Smith opens #NAPFAnnual conference and launches the reform countdown clock - 167 days and counting...
— Helen Forrest (@helenforrest00) October 15, 2014There is much to discuss this year thanks to chancellor George Osborne's flexibilities introduced in the Budget.
Ruston Smith of NAPF says an employer told him if they chose a 'rubbish' pension provider their staff be more likely to opt out.#NAPFAnnual
— Josephine Cumbo (@JosephineCumbo) October 15, 2014But he asked for more clarity from the government on pension reforms.
@napfnews chairman Ruston Smith opens #NAPFAnnual conference and launches the reform countdown clock - 167 days and counting...
— Helen Forrest (@helenforrest00) October 15, 2014Ruston Smith asks Govt to give us the clarity we need - to make this pensions revolution a true success #NAPFannual
— NAPF (@NAPFnews) October 15, 2014Smith also said the Pensions Infrastructure Platform had to date invested "more than a third of a billion" in infrastructure projects.
Sir Bob 'Boomtown' Geldof was the NAPF's special guest, and he launched into his speech with gusto.
Bob Geldof opens #NAPFannual w/a wish: You guys had better ******* deliver in 2yrs - I'm 63 this year! #pensionspic.twitter.com/TM2FVdN1Ji
— Alice Cheung (@Alicespyglass) October 15, 2014Geldof painted a grim picture of Europe's demographics...
"The demography of Europe is collapsing," more smiles and sunshine from Sir Bob at #NAPFannual
— Tom Dines (@TomDines) October 15, 2014...and not surprisingly had a lot to say about Africa.
"Within 5 years [Africa] will have the largest working age population on the planet" Sir Bob at #NAPFannual
— Pensions Expert (@pensions_expert) October 15, 2014He also said schemes will likely be investing in Africa: "Like it or not, you are going to be looking at asset classes you never dreamed of".
"We need infrastructure for the economy, we need housing for those people who are afraid of the future"- Sir Bob at #NAPFannual
— Pensions Expert (@pensions_expert) October 15, 2014Shadow pensions minister Gregg McClymont gave his vision for the future of pensions.
'We cannot afford to take our eye off the #AutoEnrolment ball' @greggmcclymont#NAPFannual regarding small employers.
— Robin Hames (@robinhames) October 15, 2014The shadow minister also criticised pensions governance and called for independent trustees for workplace pensions. He also said a priority should be value for money in defined contribution schemes.
And not surprisingly, McClymont had concerns over the government's guidance guarantee.
McClymont: My concern is that these reforms depend on customers shopping around and getting value. Where's the evidence they will do this?
— Josephine Cumbo (@JosephineCumbo) October 15, 2014Meanwhile, in the exhibition hall, the appearance of the DeLorean from the Back to the Future film franchise was causing great excitement.
@lisa_botter@pensions_expert@ahc_global here you go!!! pic.twitter.com/dOQ6XGIxk7
— PPI Research (@PPI_Research) October 15, 2014And that's the kind of day it's been.
