BLOG: A month in Pensions

I challenge anybody to recall a better month to start your career in the pensions industry. Having joined the wonderful Pensions Age team at the end of November 2017, the news has been flowing thick and fast, somewhat of a baptism of fire for a newbie pensions reporter.

From scandal hit pensions schemes such as British Steel, to the potentially defunct Toys R Us, both wrapped tightly around the government's auto-enrolment review (all in the week before Christmas, and the wrong sort of pigs-in-blankets if you ask me), learning quickly has been challenging, but necessary in order to tackle these important issues.

Fortunately, having already doffed my cap to the Pensions Age team, I have been lucky enough to meet some of the industry’s leading women and men in order to navigate this rocky road, and have come to learn many important, yet varying views.

One thing's for sure, the dedication that people have within the industry to ensure people are getting the most out of their savings, or indeed are saving anything at all, is palpable.

However, what has also been noticeable is the un-homogamy of the industry on key issues.

Take auto-enrolment for example, hailed as a huge success by some, talked of as too little too late by others. Of course, having gotten nine million people paying into their pension pots will have some shouting from the roof tops, but others will be quick to point out it is no time for a pat on the back.

Key issues remain over the self-employed, what about that manifesto promise? Other problems persist over about how to automatically enrol multiple job holders and that, according to some statistics, there are still 12 million people under saving for retirement.

Another sticking point for the industry seems to be the pensions dashboard. Pensions Minister Guy Opperman stated it is “the most exciting innovation in savings and pensions that this country has seen for many years”, and indeed, many in the industry are in agreement, however others portray a different feeling.

Some believe that it will be an important tool to get people engaged with their pensions, but it isn’t no silver-bullet. Where most agree though, is that now development of the dashboard is in the hands of the Department of Work and Pensions, the consumers will come first.

Whatever the point of view, on whatever the issue, pensions is a topic where passion goes a long way, and while different views on important issues are inevitable, ultimately, there is hard work and dedication shown at all levels of the industry.

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