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What's happening with pensions

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Talk to the CIPP on Feb 6th 2020 on the state of the pension

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What's happening with pensions

  1. 1. What’s happening with pensions Feb 2020 CIP P
  2. 2. What shall we talk about today Henry Tapper Tax Investment Technology
  3. 3. Pension taxation isn’t working Henry Tapper The unhealthy symptoms The Annual Allowance and its taper – The known known The Money Purchase Annual Allowance – The known unknown The Lifetime Allowance – the unknown unknowns The net pay anomaly denies 1.7m savers their promised incentive
  4. 4. Pension taxation isn’t working Henry Tapper The terminal diagnosis 50% of the £40bn is spent on the 10% most wealthy earners Meanwhile universal credit is starved of funds Doctors are withdrawing services And we still don’t have a sustainable way to fund long-term care
  5. 5. The three options open to Government Henry Tapper One - Stick with the current model Tinker with AA/LTA/MPAA +. Causes little disruption to pension system - Kicks the can down the road Two-Move to a flat rate system + Politically acceptable as it is fairer - Would require heavy pay-coding to deal with employer contributions Three- Move to an ISA style “TEE system” + Simpler and fairest to low earners -Cashflow problems in transition (would need scheme pays) Which option would you support
  6. 6. Auto-enrolment news Henry Tapper
  7. 7. 2.Are your staff saving or investing
  8. 8. 2. Investment pathways work well for investors Henry Tapper
  9. 9. 2. CDC Works better for savers CDC provides more certain outcomes without the freedom Would your staff prefer pension freedoms or a “wage in retirement”
  10. 10. 3. Investing environmentally, sustainably and with good governance Would you take a lower wage in retirement to invest responsibly?
  11. 11. 3. Technology – room for improvement Henry Tapper Much of pensions operates without RTI We need open finance and open finance needs open pensions
  12. 12. 3. Pensions Dashboard - how hard can this be? Henry Tapper
  13. 13. Can we use technology to help people do simple things like Pulling pension pots together Improving value for money Deciding on the investment pathway Insuring our health Turning pension pots into retirement plans? 3. Applications
  14. 14. Intractable problems that pensions grapple with Henry Tapper
  15. 15. Question time? Henry Tapper ❑ Is there a way to solve pension taxation issues? ❑ Can we teach savers to be investors? ❑ Do people really want this pension freedom? ❑ Investment pathways or CDC? ❑ Can pensions adopt RTI and be properly open? ❑ Will we get a pension dashboard and how will it help? ❑ Can technology help? ❑ How do we restore or even create confidence in pensions? Henry Tapper 07785 377768 henry@agewage.com Henryhtapper Henrytapper.com Agewage.com

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