Not since the Second World War has the future looked so unclear. It'll take a long while to recover but we're determined to Build Back Better. What direction should future pension provision take?
Master trusts have mushroomed in the past decade as employers looked for a cost-effective solution for auto-enrolment. Economies of scale make it possible for members to minimise charges while building their pots. But when it comes to spending their pension savings, there are no such economies.
While Government and Regulators are the main drivers for change, there's a real risk that trustees will tweak the wording of their Statement of Investment Principles and tick a box, job done: just another compliance exercise. But we simply can't allow that – ESG issues are financially material considerations and must be taken to heart! We're all pension scheme members.