Almost 50 experts from the pensions and investments sector attended Quantum Advisory’s latest ‘Pensions for Breakfast’ event at the 2010 Clubhouse at The Celtic Manor Resort.
The audience heard a series of presentations from investment expert Jordan Griffiths, Steve Jardine from The People’s Pension, and Quantum Advisory’s Lawrence Davies.
Jordan shared his views on global events and their impact on the markets, particularly the uncertainty around the Brexit vote, President Donald Trump’s election, and the recent slight correction in the economy around US rate rise expectation.
Steve outlined the changing landscape to personal pensions, particularly the increasing number of employees with workplace pensions.
This is likely to result in a 26% decline in single employer, defined contribution trust-based schemes, Steve said.
This decline is mainly expected to be among smaller/medium sized schemes, he said.
DC fund asset values are poised to grow significantly over the next decade, driven by a combination of auto enrolment, scheme consolidation, individual consolidation, and phasing on contributions.
Lawrence Davies concluded the event with an overview of The PPF’s Purple Book, GDPR, and auto enrolment (AE).
He said one million employers have now complied with their AE duties, with 9.3million people so far saving into a pension.
AE minimum contributions rates will increase from April 6, 2018, but he said many people were nervous about saving in pensions.
He said this was mainly due to recent high profile cases relating Tata, Toys R Us, and Carillion, media coverage about poor financial advice, and pension scams.