The end of the year is always a good time for reflection; it is a chance to think back
about the work that has been achieved within the pensions industry this year.

Although 2017 has seen nothing revolutionary, behind the scenes those within the industry have been working hard all year. Some things that come to mind are the creation of the pensions dashboard prototype, the review of auto-enrolment and the responses submitted to many other consultations. And, as you all know, there is a constant dialogue going on between various stakeholders in the industry, aimed at improving pensions.

Recognition should also be given, however, to a group of people who, although are not ‘full time’ members of the pensions industry, have worked exceedingly hard – the Work and Pensions Committee. Those that have been at the receiving end of one of its grillings may not feel the same way, but the committee has played its part in the industry superbly.

It is there to examine the policies, administration and expenditure of Department for Work and Pensions and other public bodies. Since the appointment of its chair, MP Frank Field, in 2015, the Work and Pensions Committee has ramped up the number of inquiries concerned with the pensions industry, with its interests clearly aligned with members of the public.

Over the past two years, the committee has conducted inquiries into intergenerational fairness, the Pension Protection Fund, The Pensions Regulator, the gig economy and BHS, to name a few. It has also begun an inquiry into the pension freedoms, concerned with the vulnerability of people to scams.

Not only does the committee launch inquiries when things go wrong, but its most recent inquiry announcement, into collective defined contribution (CDC) pension schemes, shows that it also aims to be proactive. The government scrapped plans for CDC schemes in 2015, as it wanted to focus on the pension freedoms and auto-enrolment, but two years later, the committee has turned its attention to them, bringing the idea back into focus.

Recently, someone close to the DWP told me that whenever it receives a question from Field it has to make sure the answer given is meticulous down to the final detail, because Field, who has been an MP for many years, won’t stand for anything less.

It is also clear from the hearing sessions that Field is no pushover. Last year he took on retail tycoon Philip Green over the BHS pensions saga, which saw Green threaten him with legal action. Field, however, did not let this phase him.

It is not just Field who has done such a superb job on the committee. In a recent hearing session, Conservative member Heidi Allen was adamant in pressing the government for dates on a when a cold-calling ban for pensions will be introduced. In the same session, fellow Conservative Alex Burghart put it to the Financial Conduct Authority that it is being “complacent” with regards to the lack of people taking financial advice.

It is not afraid to hold those in the industry, whether governmental or private sector, to account, and serves as a reminder that everything should be done in the interests and for the bene fit of pensioners and future pensioners.

That’s why the Work and Pensions Committee is top of the class for 2017.

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