Before you get stuck in
Jonathan ParkerHead of Defined Contribution& Financial Wellbeing
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Welcome to the first edition of Defined Contrarian for 2023. Although by the time you read this, anything festive will be a distant memory, I hope you had a good one!
New year, new brooms, new pensions minister, lots of new consultations. Our agendas are already jam-packed with proposals to improve DC savers (and spenders) outcomes. Russ Wright looks at a few of the main ones, including the big one……’the Duty’. Depending on how your DC scheme is structured, you may think that Consumer Duty has passed you by, but if you look carefully enough, if you deal with any FCA-regulated service providers like asset managers or DC providers, chances are they’re likely to be thinking about what effect their actions have on your members. The much-anticipated VFM consultation just landed as I’m writing this so we’ll cover it in more detail in the next edition.
Although there may be the first hints of economic improvements as inflation expectations start to soften, there is no doubt that many people continue to find things tough. Paul Enderby takes another thoughtful look at how the pension industry could think more imaginatively about how it supports savers in difficult times.
In his sustainable investment Q&A, Redington’s Head of Stewardship, Paul Lee, reflects on the level of importance now attached to how asset owners take a more active approach to their stewardship responsibilities.
As always, please do get in touch if you’d like to discuss any of the matters raised in this edition.