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. Mapping the pension genome Henry Tapper First Actuarial and Pension PlayPen 03 June 2018
- 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. 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. 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. How did we get to that single number? 03 June 2018 5
- 6. Aggregating cost and value 03 June 2018 6
- 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. 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. The challenge of the pension genome 03 June 2018 9
- 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. How do we fund the mapping of the genome? 03 June 2018 11
- 12. How far are we from our objective? 03 June 2018 12
- 13. 03 June 2018 13