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Mapping the pension genome

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How do we discover whether the pension schemes we're invested in are any good? Who's doing the scoring and who's mapping the pension genome, so we can make comparisons?

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Mapping the pension genome

  1. 1. Mapping the pension genome Henry Tapper First Actuarial and Pension PlayPen 03 June 2018
  2. 2. There is a number to everything People want to evaluate what they have and what they’re buying; - using data 03 June 2018
  3. 3. Here’s what I want to see when I think about my workplace pension 03 June 2018 3 1.The size of my pot 2.A value for money score 3.How it grows 4.How it compares with “peer pots”
  4. 4. Here’s how I’d like to buy 03 June 2018 4 1. Compare with numbers 2.“Financial gravity” 3. Swipe to transact 4. My kind of interface
  5. 5. How did we get to that single number? 03 June 2018 5
  6. 6. Aggregating cost and value 03 June 2018 6
  7. 7. What else can you do with that score? 03 June 2018 7 1.Measure“engagement” Responsible investment User eXperience Admin competence 2. Transferability (impediments) 1. Engagement - 75% (pie crust completion) 2. Transferability – Green – no impediments
  8. 8. Personalisation VFM is personal – how far can you go? • Age? • Financial aspirations • “Attitude” to risk? • Capacity to take risk? . Can a VFM number include personalisation? 03 June 2018 8
  9. 9. The challenge of the pension genome 03 June 2018 9
  10. 10. Mapping the Pension Genome Pension Category Access Data Provider Workplace DB (CETV) Trustee’s admin Workplace DC IGC/Provider MTs- insurers -SIPPs Non workplace DC Provider Insurers and SIPPs Total claims on fund managers £2.8tr All 03 June 2018 10 Fund Category Access Data template Institutional Segregated Investment consultant IDWG Institutional Pooled Investment consultant IDWG Retail Morningstar/FE Mifid II/Priips Hybrids (with profits +) Provider Proprietary Our current estimate is that there are 5000 funds and 24,000 products in the pension genome* * Source; Pension PlayPen research
  11. 11. How do we fund the mapping of the genome? 03 June 2018 11
  12. 12. How far are we from our objective? 03 June 2018 12
  13. 13. 03 June 2018 13

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