Around 50 pension and investment experts listened to guest speakers addressing topical industry issues at Quantum Advisory’s latest ‘Pensions for Breakfast’ event.
On 6 June at the Twenty Ten Clubhouse at The Celtic Manor Resort, presentations from Quantum’s Aled Edwards, Stuart Price and Leah Summers focussed on the Department for Work and Pensions (DWP) latest white paper, the demise of defined benefit pension schemes, auto-enrolment and cyber security.
Aled, Principal Consultant and Actuary at Quantum Advisory, explored the background behind the DWP’s recently published white paper and clarified the recommendations. These include giving more power to the Pensions Regulator (tPR) to clamp down on poorly run schemes through information gathering, notification and enforcement. Despite the proposals, Aled explained that the paper won’t lead to any major changes and tPR is happy with the majority of schemes.
Stuart, Partner and Actuary at Quantum Advisory, took to the podium to talk about why there are far fewer defined benefit schemes open today and how defined contribution schemes are becoming the norm. He also touched on how successful auto enrolment has been and broke down how the campaign will help workers saving for their retirement. Going one step further, Stuart looked at ways the government could encourage people to save even further and provide a more comfortable retirement.
Leah, a Consultant at Quantum, concluded the session by highlighting the potential cyber risks schemes face, the consequences of these and ways they can be avoided. She also looked at the new rules on cold calling and transferring DC pensions to other DC pensions.
